Tokenized Circle, SpaceX and SanDisk Now Double as Ondo Perps Collateral
Ondo Finance is widening the collateral pool for its perpetual futures market. Traders can now use tokenized Circle (CRCLon), SpaceX (SPCXon) and SanDisk (SNDKon) as collateral for leveraged positions without disposing of those equity holdings first.
The move gives a tokenized stock a second job. It can remain part of an investor's market exposure while supporting a separate perps trade. Previously, a trader would usually need to sell the token for USDC before putting that value to work in a derivatives position.
The addition comes as tokenized equities become a more meaningful part of the real-world asset market. By August, the sector's total market cap had reached roughly $1.8 billion, about 15% of tracked RWAs, three times its share at the start of 2026. Ondo was the largest issuer in the category, with around $957 million as of August 17.
Spot tokenization gives investors blockchain-based exposure to stocks and ETFs. Collateral does something different: it lets the same capital support another trade while the investor keeps the original equity position. Ondo built its Perps product to accept tokenized securities alongside stablecoins as multi-asset collateral, and in some setups an equity token tied to one company can back a perpetual contract on another. The company has described that combination as an early form of onchain prime brokerage.
The most straightforward use is hedging. A trader holding tokenized shares can open an offsetting perpetual position on the same platform, reducing directional exposure without selling the spot position. Basis strategies are also available: an investor can hold the spot token, short the perpetual and collect funding when rates are positive.
But equities are not a low-maintenance collateral type. Perpetual markets rely on accurate pricing and sufficient liquidity to manage liquidations during volatile moves. Equities also introduce corporate actions such as dividends and stock splits into the risk calculation, which means price feeds and collateral models need to be updated continuously.
Ondo says its tokenized products are backed by the underlying securities and cash in transit, with holdings kept at US-registered broker-dealers or US-chartered national trust companies. An independent verification agent checks the backing daily.
The company has already been pushing tokenized equities deeper into DeFi lending. In February, Ondo added SPYon and QQQon, tokenized versions of the S&P 500 and Nasdaq-100 ETFs, to the Morpho lending market, allowing users to borrow against them. Gauntlet manages risk for those markets.
Chainlink data feeds for SPYon, QQQon and TSLAon went live earlier this year, giving the broader ecosystem a reliable way to value these tokens. Euler was one of the first protocols to use the integration, letting users borrow stablecoins against eligible tokenized stocks and ETFs.
The path is becoming clear: a tokenized security can start as a straightforward equity position, move into lending as collateral, and then support leveraged derivatives. Each new use gives holders more flexibility with the same asset.
Ondo Stocks now lists more than 440 tokenized stocks and ETFs on Ethereum, BNB Chain and Solana. Ondo's platform has also passed $1 billion in total value locked, according to managing director John Hoffman.
The bigger picture is that tokenized equities are turning into infrastructure. The market now covers spot trading, credit and derivatives, and issuers are competing for a larger role in onchain finance. Adding Circle, SpaceX and SanDisk to the collateral list is another step toward making equities a flexible building block rather than a one-time purchase.