- Once effective, Ondo’s currently confidential filing would provide all investors in Ondo Global Markets tokenized products around the world with the detailed information about the issuer mandated by SEC requirements. These are generally considered to be the gold standard for securities disclosure globally.
- By voluntarily undertaking to meet those SEC requirements, Ondo and the issuer are ensuring that all investors in Ondo Global Markets products have equal access to the highest quality information available, and are supporting the free exchange of Ondo Global Markets products onchain to the maximum extent permitted by law.
- Once effective, the filing would make Ondo Global Markets the first issuer of transferable tokenized stocks to be subject to the SEC’s reporting requirements.
- Ondo is the only platform building the regulatory and product infrastructure to support all major models of securities tokenization in the United States, including direct ownership, beneficial ownership, and digitally-native tokenized securities.
- Already the largest tokenized equities platform globally, Ondo Global Markets has surpassed $500M+ in TVL, enabled over $9B in cumulative trading volume, and reached tens of thousands of asset holders outside the U.S.
Ondo Global Markets announced that it has confidentially filed a registration statement with the U.S. Securities and Exchange Commission (SEC), providing comprehensive issuer-level disclosures for all investors in Ondo Global Markets tokenized products around the world. The SEC filing requirements are generally considered to be the gold standard for securities disclosure globally.
By voluntarily undertaking to meet those SEC requirements, Ondo Finance and the issuer are laying the foundation for all Ondo Global Markets investors to have equal access to the highest quality information available, to support the free exchange of Ondo Global Markets products onchain to the maximum extent permitted by law.
From both a regulatory and operational standpoint, once the currently confidential filing is effective, Ondo Global Markets will be well positioned to quickly enter any new market and support the primary and/or secondary market trading of tokenized securities anywhere in the world – including the United States – when regulatory and market conditions are favorable. Tokenization in the U.S. is often framed as a choice between competing models: direct ownership of traditional securities in tokenized form, tokenized beneficial ownership, or digitally-native tokenized securities that provide exposure to traditional assets.
Ondo Finance is the only platform building the regulatory, product and service infrastructure to support all three approaches within the United States. Through an integrated stack that includes an SEC-registered transfer agent, broker-dealer, investment adviser, and alternative trading system (ATS), Ondo Finance has the capabilities and licensing to tokenize corporate equities and funds, enable direct ownership by U.S. retail and institutional investors, and support compliant secondary market trading of tokenized securities.
Already available to investors outside the U.S. – and with an approved base prospectus for offering tokens to the public across the EU and EEA – Ondo Global Markets has rapidly become the largest tokenized equities platform globally. In less than 6 months, it has grown to over $500M in total value locked — more TVL than all other platforms combined — and enabled over $9B in cumulative volume with tens of thousands of asset holders.
Peter Curley, Head of Global Regulatory Affairs at Ondo Finance:
“This confidential filing marks a pivotal moment in the global expansion of tokenized securities markets. Setting this new disclosure standard for tokenized securities like the Ondo Global Markets products means there are really no barriers to offering the primary and secondary market trading of those products anywhere in the world when regulatory and market conditions are favorable. We’ve built the infrastructure, proven global demand, and are uniquely positioned to support every major model of securities tokenization — all within a fully compliant framework.”
As tokenized securities markets continue to grow, Ondo is steadily building the future-state of onchain capital markets.
Source: Ondo
Introducing Ondo Perps: The First Capital-Efficient Platform for Equity Perpetual Futures
We’re excited to announce Ondo Perps, a first-of-its-kind platform where global non-US users can trade perpetual futures on leading U.S. stocks and ETFs 24/7 with leverage.
Coming soon, the novel platform will enable traders to use tokenized securities as collateral – not just stablecoins – unlocking superior execution, liquidity, and capital efficiency for synthetic leverage on public equities. Perps for the world’s most in-demand equities are set to trade with minimal slippage on a venue intentionally built to offer the best liquidity.
Perpetual trading for tokenized equities and commodities including AAPL, AMZN, MSFT, NFLX, NVDA, TSLA, QQQ, gold, silver, and more will be live on day one. Users can sign up for the waitlist and be notified when the platform is live. Join the waitlist.
Ondo Perps will be made available by the Ondo Global Group, and accessible solely outside the U.S. Its technology has been developed by Ondo Finance Inc.
Key Features
Ondo Perps represents the next generation of derivatives, bringing unmatched capital efficiency and global accessibility to equity perps by combining up to 20x leverage, RWA collateralization, and institutional-grade execution.
1. In-Demand Equities: Access leveraged exposure to AAPL, NVDA, TSLA, QQQ, gold, silver, and many more stocks, funds and commodities futures at launch.
2. Tokenized Securities as Multi-Asset Collateral: Shortly after launch, traders will be able to use tokenized securities along with stablecoins as collateral for perpetual positions across different assets, significantly improving capital efficiency relative to stablecoin-only and single-asset collateral models.
3. Up to 20x Leverage: Access leveraged exposure to leading U.S. stock and ETF futures.
4. 24/7 Operations: Trade equity perps anytime, even outside traditional market hours.
5. Global Access: Available globally outside the U.S., subject to jurisdictional and other restrictions.
6. Seamless Hedging: Manage spot and perpetual positions on one platform, hedging tokenized holdings with a few clicks.
7. Institutional-Grade Infrastructure: Access advanced order types, risk controls (RPO, post-only, priority cancels), and stable execution.
A Multi-Trillion Dollar Market Opportunity
Perpetual futures have become one of the fastest growing financial instruments in crypto markets, enabling continuous, leveraged exposure to onchain assets. In 2025 alone, crypto derivatives trading volume reached approximately $86 trillion, averaging $265 billion per day. Yet this pales in comparison to traditional finance, where several trillion dollars in notional volume is processed daily across equity and commodity derivatives markets.
Equity perps offer a more user friendly and accessible vehicle for gaining leveraged exposure to U.S. stocks and ETFs. Rather than navigating traditional brokerage accounts, margin requirements, and regulatory complexities, perpetual futures present a more seamless, elegant instrument for accessing leverage due to no expiration, transparent carrying costs, and 24/7 availability.
Yet despite this opportunity, meaningful adoption of equity and commodity perps has been held back by fundamental platform constraints.
The Problem With Existing Perps Platforms
1. Restricting Collateral to Stablecoins Is Highly Inefficient
Existing RWA perpetual markets force traders into an inefficient collateral model where they can only post stablecoins as collateral for their positions, even if they already hold the tokenized asset or underlying asset in a brokerage account. This double-collateralization means capital is locked up twice for the same economic exposure, limiting position sizing, doubling the cost of capital for providing liquidity, and impeding portfolio efficiency. Today’s perps platforms are economically unattractive compared to traditional derivatives markets where they can use their equity holdings as collateral.
2. Fragmented Capital Prevents Effective Hedging
Traders holding tokenized securities cannot use them to hedge perpetual positions on the same platform. For example, an investor seeking to short $100K of tokenized Apple stock to collect funding on a perps platform must also acquire and lock up an additional $100K of the tokenized Apple spot asset on a separate, disconnected platform in order to hedge the position. This creates operational friction, prevents integrated, capital-efficient hedging strategies, and makes liquidity provision prohibitively expensive, leading to the low liquidity in existing RWA perps markets.
3. Dividends and Other Corporate Actions Are Handled Poorly
Existing equity perpetual platforms lack robust mechanisms to account for dividends, stock splits, and other corporate actions, relying on ad hoc adjustments or simplified formulas. As a result, perps prices frequently diverge from the underlying asset, distorting funding rates and exposing traders to basis risk.
How Ondo Perps Transforms the Equity Perps Model
1. Using Tokenized Securities as Collateral Is Highly Capital Efficient
Traders can buy spot tokenized securities, post them as collateral, open perpetual positions, and earn funding rates – all while remaining fully collateralized from the platform’s perspective. Capital that was previously locked up in duplicate reserves can now be deployed productively, improving returns and enabling more sophisticated trading strategies.
The platform takes capital efficiency further with multi-asset collateral. Traders can use their tokenized stock holdings to collateralize perpetual positions across multiple different assets without posting additional capital for each position. For example, tokenized Tesla can be used to collateralize Nvidia perp positions.
2. A Single Platform With Spot and Perps Enables Seamless Hedging
By enabling tokenized spot assets to be used as collateral on the Ondo Perps platform, traders can hedge a position on the same platform where the asset is held. The operational friction of managing positions across disconnected protocols is eliminated, with hedging a tokenized position becoming as simple as opening an offsetting perpetual contract using the underlying shares as collateral.
3. All Equity Perps Access Deep Liquidity for Minimal Slippage
Only Ondo Perps, which leverages Ondo Global Markets platform to tap into the spot asset liquidity of traditional exchanges such as NASDAQ and NYSE, can provide the deep and real-time liquidity required to support instant liquidation of equities that perpetual protocols require to operate at scale. This is truly a first-of-its-kind and illustrates the power of composability between the different Ondo platforms.
Moreover, traders with large tokenized securities portfolios can now participate directly in perpetual markets, bringing organic two-sided flow that naturally deepens orderbooks, bringing the full onchain universe of holders seeking to hedge, capture funding, or express levered views.
4. Novel Mechanisms Ensure Corporate Actions Are Properly Reflected
With the Ondo Ecosystem’s deep expertise in the equities markets, advanced product features are on the roadmap, such as properly handling corporate actions including dividends and stock splits, ensuring synthetic exposure accurately tracks underlying securities and without contrived, overengineered, and in many cases incorrect formulas that are used to determine the basis.
Ondo Perps provides the advanced infrastructure that professional traders demand. This institutional-grade infrastructure supports stable, predictable orderbooks that can support equity perps at scale, even during volatile market conditions.
| Other Platforms | Ondo Perps | |
|---|---|---|
| Collateral | Stablecoins | Tokenized stocks and ETFs; stablecoins |
| Liquidity | Shallow liquidity and high slippage | Deep liquidity and minimal slippage |
| Hedging | Across multiple platforms | Within a single platform |
| Corporate Actions Handling | Often inaccurately handled | Accurately reflects underlying equities |
What’s Next: Ondo Perps Is Launching Soon
For the first time, equity perpetuals will have the deep liquidity, capital efficiency, and an institutional-grade execution engine that is comparable to traditional derivatives markets. No more shallow orderbooks, forced stablecoin collateral, or fragmented hedging across multiple platforms.
Perps accessible launch will include AAPL, AMD, AMZN, COIN, CRCL, GOOGL, HOOD, INTC, META, MSFT, MSTR, NFLX, NVDA, ORCL, PLTR, QQQ, TSLA, XAU, and XAG, with many more stocks, funds, and commodities perps to come.
Join the waitlist to secure priority access.
Ondo Perps Are The Next Step In Our Journey Towards Onchain Prime Brokerage
Earlier this year, Ondo Global Markets launched the largest offering of tokenized securities in history, bringing exposure to hundreds of U.S. stocks and ETFs onchain with institutional-grade protections and inherited liquidity from traditional markets. Ondo Global Markets quickly became the largest tokenized stocks platform by TVL with the broadest selection of assets and tens of thousands of holders.
However, tokenized securities only reach their full potential when they are deployed as collateral, integrated into DeFi protocols, and used across perpetual futures markets. That’s exactly what Ondo Perps enables. By accepting Ondo tokenized stocks as native collateral, Ondo Perps transforms tokenized securities from static holdings into productive capital.
The Ondo Ecosystem has been designed to be modular, with each platform reinforcing the next. With perpetuals and spot markets, Ondo Perps and Ondo Global Markets is a clear example of this architecture in action, and represents the early stages of onchain prime brokerage. Each platform can serve as a building block to the next one, all with the aim to increase liquidity, capital efficiency and investor choice.
This is just the beginning for the future of prime brokerage and perpetual futures, with more options for leverage coming soon.
Onward.
Source: Ondo
Introducing Ondo Global Listing: A New Service to Tokenize Stock IPOs on Listing Day Across Multiple Blockchains
