Ondo Expands Perps Collateral as Tokenized Stocks Gain a Second Use

Tokenized stocks are moving beyond simple onchain exposure. Ondo Perps has added three tokenized equities - Circle (CRCLon), SpaceX (SPCXon) and SanDisk (SNDKon) - as eligible collateral, allowing traders to use these assets to support perpetual futures positions without first selling them for USDC.

The move gives tokenized equities another role inside decentralized finance: collateral for leveraged trading.

Ondo Adds Tokenized Stocks as Perps Collateral

Ondo Perps now allows users to post CRCLon, SPCXon and SNDKon alongside stablecoins as collateral for perpetual futures.

The key difference is that traders can maintain exposure to a tokenized stock while using its value to support another position. For example, an investor holding a tokenized equity could use it as collateral for a perpetual contract instead of converting the asset into USDC.

This creates potential use cases such as hedging and basis trading. A trader could hold a tokenized stock while opening a short perpetual position on the same asset or use the spot position and derivatives together to pursue funding-rate strategies.

Ondo describes the combination of spot assets and perpetuals as an early form of onchain prime brokerage.

Tokenized Equities Are Becoming More Useful

The development comes as tokenized stocks expand across onchain finance.

Tokenized equities reached roughly $1.8 billion in market capitalization in August, representing about 15% of the tracked real-world asset market. Ondo accounted for roughly $957 million of that market on August 17.

The broader trend is also moving beyond trading. As discussed in our recent article, Coinbase Tokenized Stocks Go Live on Base With Chainlink Price Feeds, tokenized equities are increasingly being connected to DeFi infrastructure and price feeds.

Ondo has already taken a similar step into lending. Its SPYon and QQQon products were added to Morpho markets in February, allowing eligible tokenized ETFs to be used as borrowing collateral. Chainlink feeds for assets including SPYon, QQQon and TSLAon have also supported collateral valuation across DeFi applications.

Ondo also says its tokenized stocks and ETFs are backed by corresponding securities and cash in transit, with underlying assets held by US registered broker-dealers or US chartered national trust companies. An independent verification agent reviews the backing daily.

From Tokenized Stocks to Onchain Financial Assets

The bigger shift is how tokenized equities are being used.

A tokenized stock can begin as a way to gain blockchain-based exposure to an equity. It can then become lending collateral, trading collateral, or part of a leveraged derivatives strategy without leaving the onchain ecosystem.

Ondo now offers more than 440 tokenized stocks and ETFs across Ethereum, BNB Chain and Solana, according to the provided data. With CRCLon, SPCXon and SNDKon joining its perp's collateral lineup, another layer of utility is being added.

For tokenized equities, the next stage may therefore be less about simply putting stocks onchain and more about what investors can actually do with them once they arrive.