The market for tokenized real-world assets (RWA) continues to gain momentum. While tokenized stocks seemed like a niche experiment not long ago, their total value has already exceeded $1.08 billion, and the monthly transaction volume has surpassed $2.1 billion. The main beneficiary of this growth is the Ondo platform.
Ondo — Market Leader with Derivatives Ambitions
Ondo accounts for 43.61% of the tokenized stock market, representing assets worth approximately $870 million. Now the company is taking a logical but bold step: launching the Ondo Perps service, which allows trading perpetual futures on tokenized versions of US stocks, ETFs, commodities, and indices. The key feature is leverage of up to 20x and 24/7 trading, which is unavailable on traditional exchanges.
Available assets include Nvidia, Tesla, gold, oil, silver, as well as the US 100 and US 500 indices. Both long and short positions can be opened without waiting for regular exchanges to open. However, the main difference between Ondo Perps and its competitors is the ability to use the tokenized securities themselves as collateral, rather than just stablecoins.
Why Collateral is a Key Element
Most crypto exchanges with perpetual contracts only accept stablecoins or cryptocurrencies as collateral. This works perfectly for Bitcoin and Ethereum. But when it comes to stocks or ETFs, the trader has to separately deposit stablecoins, and the market maker has to hedge risks through traditional brokers. This results in a fragmented system: collateral, prices, and hedging exist in different worlds.
Ondo Perps solves this problem by allowing the tokenized assets themselves to be used as margin. This creates a closed and efficient ecosystem: capital is not idle but works within a single system. The market maker can hedge using collateral tied to the same markets for which it provides quotes. The result is fewer assets sitting idle and more organic liquidity.
The Toughest Challenges Lie Ahead
Derivatives on RWA are a complex matter. They promise access to markets that are still tied to traditional infrastructure. Traders want to trade 24/7, but the main liquidity for stocks and ETFs still resides within regular exchanges, brokers, and clearing systems.
During periods of strong volatility — triggered by earnings reports, macroeconomic data, or corporate news — tension arises. A position with 20x leverage can go from profitable to liquidated in minutes if the price, collateral valuation, or hedging fails to keep up. Therefore, Ondo Perps should be judged not by the number of available markets, but by how the platform holds up under pressure: tight spreads, stable market depth, careful liquidations, and accurate collateral valuation are what will matter.
My Expert Opinion
Ondo Perps is not just another derivative product. It is an attempt to bridge two worlds: the liquidity of traditional markets and the flexibility of DeFi. If the platform proves its reliability in stress scenarios, we may witness the birth of a new standard for RWA derivatives. But for now, it remains a promising yet risky experiment. The question is no longer whether stocks can be tokenized. The question is whether these tokens can withstand serving as the foundation for serious margin trading.