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Ondo Finance Launches Perpetual Contracts with Tokenized Stock Collateral

Photorealistic tokenized-stock collateral on a DeFi trading dashboard with a globe and 24/7 clock.

The Ondo Foundation has officially launched a decentralized derivatives platform that introduces the use of tokenized real-world assets (RWAs) as margin collateral. The platform allows non-U.S. investors to trade perpetual contracts for equities, ETFs, and commodities with up to 20x leverage.

The launch marks a significant integration of traditional financial structures into decentralized finance (DeFi). By utilizing tokenized equity infrastructure provided by Ondo Global Markets, the platform enables traders to use tokenized shares of major companies as collateral for their positions, removing the need to convert these assets into stablecoins or other crypto-native tokens before trading.

Execution and Asset Support

Ondo Perps is designed to provide 24/7 access to traditional markets, which typically operate on restricted exchange hours. According to the, the platform currently supports perpetuals for several high-profile assets, including:

  • Equities: NVIDIA (NVDA), Tesla (TSLA), Apple (AAPL), and Micron (MU).
  • Indices: The SPCX index.
  • Commodities: Gold and crude oil.

The project claims that the platform’s execution speed is comparable to top-tier centralized exchanges, with real-time processing for order routing, margin updates, and liquidations. The infrastructure seeks to offer market depth and spreads similar to traditional finance by leveraging Ondo’s existing tokenized asset ecosystem, which recently surpassed $1 billion in total value locked (TVL).

Regulatory Guardrails and Access

In accordance with current regulatory environments for tokenized securities and derivatives, Ondo Perps is not available to users in the United States or other prohibited jurisdictions. The platform is targeted at global investors seeking capital efficiency by using their existing RWA holdings—such as tokenized stocks or ETFs—to back leveraged trades.

The foundation has introduced an initial rewards program of up to $3 million to incentivize early participation during its pre-alpha phase. While the technical launch is confirmed, full data regarding trading volume and user adoption metrics following the public release have not yet been made available in official reports.

This development follows a broader trend of “on-chaining” traditional financial instruments, shifting RWA utility from passive yield-bearing tokens to active components of DeFi trading strategies.