Ondo Finance has activated tokenized stock collateral on OndoPerps, its perpetual futures venue, with SPYon and QQQon as the first eligible assets. Holders of those tokens can now post them as margin directly, skipping the usual step of converting to stablecoins or liquidating other positions.
SPYon and QQQon are tokenized versions of the S&P 500 and Nasdaq-100 ETFs. They belong to the broader Ondo Stocks category, which covers tokenized equities, ETFs and ADRs issued by Ondo Global Markets (BVI) Limited. The tokens give holders economic exposure to the underlying assets but are not the securities themselves.
Caps, use and what's next
An initial $100,000 per-asset notional cap applies at launch. Ondo said the limit will be raised over time and that additional Ondo Stocks will be added to the eligible collateral list. OndoPerps currently offers up to 20x use and runs around the clock, every day of the year. The platform claims cumulative trading volume past $3.8 billion, though that figure comes from the platform itself and has not been independently verified.
Access is restricted by jurisdiction. OndoPerps is operated by Ondo Global Panama Inc., and US persons are explicitly barred from using it. The perpetual contracts are unregistered under the US Securities Act of 1933, and the underlying Ondo Stocks tokens carry the same unregistered status under US securities law.
The collateral feature pushes Ondo's tokenized-equity product line from a simple mint-and-redeem model into active margin use. The company had already expanded its tokenized stock and ETF catalog past 430 assets across three chains before this week's announcement. Ondo described the current setup as the start of a "broader prime brokerage layer" for its ecosystem, though that framing reflects stated plans rather than anything already shipped.
ONDO token was up roughly 3% in the hours after the announcement, according to CoinGecko data.
This article is for informational purposes only and does not constitute financial or investment advice.
