Tokenized equities are gaining a second life in DeFi as Ondo Perps lets traders post Circle, SpaceX and SanDisk stocks as collateral for leveraged positions.
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Ondo Perps adds 3 tokenized stocks as collateral, expanding DeFi use
Tokenized equities are gaining a second life in DeFi as Ondo Perps lets traders post Circle, SpaceX and SanDisk stocks as collateral for leveraged positions.
Ondo Perps now accepts tokenized Circle, SpaceX and SanDisk stocks as collateral for perpetual futures as tokenized equities reach $1.8 billion in market value.
"Nearly $20 million in Ondo Stocks now serves as productive collateral on Ondo Perps, backing positions and unlocking the basis trade," Ondo Finance said in a post on X.
The addition lets traders hold a tokenized equity while using its value to support a separate perpetual position, without first converting the asset into USDC. Tokenized stocks reached roughly $1.8 billion in market capitalization in August, about 15 percent of the tracked real-world asset market and three times their share at the start of 2026, according to BeInCrypto. Ondo held the largest slice at roughly $957 million on Aug. 17. Ondo Perps has passed $10 billion in cumulative volume since launch.
The immediate use case is hedging and basis trading. A trader can hold a tokenized stock while opening a short perpetual on the same asset, or pair spot and derivatives to capture funding when rates turn positive. Ondo pitches the combination of spot assets and perpetuals as an early form of onchain prime brokerage.
Collateral unlocks the basis trade
Ondo designed Perps so traders can use tokenized securities alongside stablecoins as multi-asset collateral, including an equity token tied to one company to back a perpetual contract on another. The basis trade — holding spot and shorting the perpetual to collect funding — is the headline use case.
Collateral quality matters. 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.
Tokenized equities spread into credit markets
The move extends a pattern already underway in lending. In February, Ondo brought SPYon and QQQon into Morpho lending markets, letting the tokenized S&P 500 and Nasdaq-100 products serve as borrowing collateral, with Gauntlet providing risk management. Chainlink data feeds for SPYon, QQQon and TSLAon 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.
A $1.8 billion market finds more uses
Ondo Stocks now offers more than 440 tokenized stocks and ETFs across Ethereum, BNB Chain and Solana, and the platform has passed $1 billion in total value locked, according to Ondo and managing director John Hoffman. Tokenized equities have grown from $329 million to $1.7 billion in a year, with AI and chip stocks growing fastest, per BeInCrypto.
The addition of Circle, SpaceX and SanDisk means each asset can serve as both 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. For issuers, the next stage is less about putting stocks onchain and more about what investors can do with them once they arrive.
This article is for informational purposes only and does not constitute investment advice.
