Ondo Expands Perps Collateral as Tokenized Stocks Gain a Second Use

A tokenized stock can now remain part of a trader’s market exposure while funding a leveraged position. Selling it for USDC first is no longer required. Ondo Perps has added tokenized Circle (CRCLon), SpaceX (SPCXon) and SanDisk (SNDKon) as eligible collateral. Traders can retain exposure to those assets while using them to support perpetual futures trades. 

The addition arrives during a strong year for onchain equities. Tokenized stocks reached roughly $1.8 billion in market capitalization in August and accounted for about 15% of the tracked real-world asset market, three times their share at the start of 2026. 

Ondo held the largest slice at roughly $957 million on August 17.

New Ondo Stocks collateral just went live:▸ $CRCLon (Tokenized Circle)▸ $SPCXon (Tokenized SpaceX)▸ $SNDKon (Tokenized SanDisk)This unlocks the basis trade for these assets: holding spot & shorting the perp to capture funding when rates are positive.Ondo Perps has… pic.twitter.com/AU8mz2aW52

— Ondo Perps (@OndoPerps) August 20, 2026

Collateral Changes Things

Spot tokenization gives investors blockchain-based exposure to equities. Collateral lets the same capital support another trade while the investor retains market exposure.

Ondo designed Perps so that traders can use tokenized securities alongside stablecoins as multi-asset collateral, including an equity token linked to one company to support a perpetual contract linked to another. The company also pitches the combination of spot assets and perps as an early form of onchain prime brokerage.

The immediate use case is hedging. A trader holding a tokenized equity can open an offsetting perpetual trade on the same venue. Basis strategies add another use, where investors can hold the spot token, short its perpetual future and collect funding when rates are positive.

Of course, collateral quality is important. Perpetual markets depend on reliable pricing and enough liquidity to manage liquidations during volatile periods. Equities also bring dividends, stock splits and other corporate actions into the risk model.

Ondo says its tokenized stocks and ETFs are backed by corresponding securities and cash in transit, with underlying holdings kept at US-registered broker-dealers or US-chartered national trust companies. An independent verification agent reviews the backing each business day.

Ondo Stocks are being put to work.Nearly $20M in Ondo Stocks serves as productive collateral on @OndoPerps, backing positions and unlocking the basis trade.Hold the asset, trade the move. All made possible by Ondo Finance technology. https://t.co/rnNLP0OeYW

— Ondo Finance (@Ondo) August 25, 2026

Tokenized Equities are Already Entering Credit Markets

In February, Ondo brought SPYon and QQQon into Morpho lending markets, allowing the tokenized S&P 500 and Nasdaq-100 ETF products to serve as collateral for borrowing. Gauntlet provides risk management for the markets. 

Chainlink data feeds for Ondo assets including SPYon, QQQon and TSLAon also went live earlier this year, supporting collateral valuation across DeFi applications.

 Euler was among the first integrations, allowing users to borrow stablecoins against eligible tokenized stocks and ETFs. 

So, a tokenized security can begin as market exposure to a stock, then become lending collateral and support derivatives trading. Each additional use gives holders more ways to deploy the same asset across onchain finance.

A $2.8 Billion Market Finds More Uses

Ondo Stocks now offers more than 440 tokenized stocks and ETFs across Ethereum, BNB Chain and Solana. The platform has also passed $1 billion in TVL, according to Ondo and comments from managing director John Hoffman. 

Usage is certainly becoming more sophisticated. The tokenized equity market now spans spot trading, credit and leveraged derivatives, giving issuers a larger arena in which to compete.

Here’s a shift worth watching 👀Tokenized stocks have grown from $329 million to $1.7 billion in just one year.But crypto-linked stocks are losing ground, whereas AI and chip stocks are growing fastest.And surprisingly, tokenized Micron and SanDisk each top Nvidia in… pic.twitter.com/zzY0UxXmUp

— BeInCrypto (@beincrypto) July 21, 2026

The addition of Circle, SpaceX and SanDisk means each asset can serve as market exposure and trading collateral inside the same system.

Collateral gives tokenized assets financial utility after issuance, turning equities into components of onchain portfolio management.