Ondo Perps has added tokenized Circle (CRCLon), SpaceX (SPCXon), and SanDisk (SNDKon) as eligible collateral for perpetual futures trades. Traders can now keep exposure to those stocks while using them to open leveraged positions, without first selling into USDC. The move plugs tokenized equities deeper into the derivatives market, which now spans spot, lending, and leveraged products.
How it works
Ondo Perps allows tokenized securities to be used alongside stablecoins as multi-asset collateral. That means an equity token can back a perpetual contract on a different asset, not just its own. The immediate use case is hedging, and basis strategies let traders hold the spot token, short the perpetual, and collect funding when rates are positive. According to Ondo Finance, nearly $20 million in Ondo Stocks already sits as productive collateral on the platform.
Tokenized stocks are growing fast
The tokenized stock market hit about $1.8 billion in market capitalization in August, roughly 15% of the tracked real-world asset market, triple their share at the start of 2026. Ondo holds the largest slice, with about $957 million in tokenized stocks on August 17. The growth has been steep — tokenized stocks went from $329 million to $1.7 billion in one year, according to a BeInCrypto tweet cited in the article. Interestingly, crypto-linked tokenized stocks are losing ground while AI and chip stocks are gaining. Tokenized Micron and SanDisk each top Nvidia in trading volume.
Ondo's broader DeFi push
This isn't Ondo's first move into lending and derivatives. In February, Ondo brought SPYon and QQQon into Morpho lending markets as collateral for borrowing, with Gauntlet handling risk management. Chainlink data feeds for Ondo assets including SPYon, QQQon, and TSLAon went live earlier in 2026, supporting collateral valuation across DeFi apps. Euler was among the first integrations, letting users borrow stablecoins against eligible tokenized stocks and ETFs. Ondo Stocks now offers more than 440 tokenized stocks and ETFs across Ethereum, BNB Chain, and Solana, and has passed $1 billion in TVL.
All of these tokenized securities are backed by corresponding securities and cash in transit, held at US-registered broker-dealers or US-chartered national trust companies, with daily independent verification. That backing is what makes them usable as collateral. As of this month, tokenized stocks account for about 20% of the tracked real-world asset market — triple their share at the start of 2026. The question now is whether traders actually put these new collateral assets to work.
