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.

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.

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