TheBlock
Ondo Finance is letting pre-alpha users post tokenized stocks as collateral to trade perpetual futures against commodities such as oil and gold and against individual equities including Apple and Tesla. Access runs around the clock and is open to traders outside the U.S., Panama, and other restricted jurisdictions.
Why it matters
Tokenized stocks have mostly been a settlement and access story until now. Folding them into the collateral stack of a perpetuals venue is a structural step: the same balance sheet that holds a tokenized share of Apple can simultaneously back a leveraged oil or gold position, without bridging to a separate margin system. For Ondo, it is also a wedge into the on-chain derivatives flow that has historically been the deepest liquidity layer in crypto.
Market impact
The immediate book is small and the access is pre-alpha, so the first-order price effect is limited. The longer-term read is the plumbing: if tokenized equities are accepted as margin the way stablecoins and blue-chip tokens are, RWA perps stop being a niche product and start competing with offshore derivatives venues for the same retail flow.
Frequently asked questions
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What did Ondo Finance actually launch?
Ondo Finance is letting pre-alpha users use tokenized stocks as collateral to trade perpetual futures tied to commodities such as oil and gold and to individual equities like Apple and Tesla.
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Who can access the new Ondo perp service?
The service is available 24/7 to traders outside the U.S., Panama, and other prohibited jurisdictions.
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Which assets can be used as collateral?
Tokenized stocks of companies including Apple and Tesla, plus tokenized commodities such as oil and gold.
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Is the launch available to everyone?
No, access is currently limited to pre-alpha users as part of a staged rollout.
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Why does using tokenized stocks as perp collateral matter?
It lets the same balance sheet that holds a tokenized equity simultaneously back a leveraged commodity or single-stock perp, integrating RWA holdings directly into on-chain derivatives margin rather than treating them as a separate settlement asset.
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