Ondo has significantly expanded its Perps platform by adding Circle (CRCLon), SpaceX (SPCXon), and SanDisk (SNDKon) as eligible collateral for leveraged trading. According to recent reports, this development allows traders to use tokenized stocks as collateral for perpetual futures trades without first selling their equity exposure. The expansion comes as tokenized stocks reached approximately $1.8 billion in market capitalization in August, representing about 15% of the tracked real-world asset market, three times their share at the start of 2026. Ondo held the largest market share at roughly $957 million on August 17, maintaining its commanding position in the tokenized stocks sector.
According to reports from Token Terminal, Ondo Finance has established a commanding position in the tokenized stocks market with a 34.9% share of the $2.8 billion market cap across 21 issuers. The platform's dominance is further evidenced by its user base growth, with Ondo Stocks crossing 150,000 unique holders in less than a year. Across individual tokenized stocks and ETFs, the platform now accounts for 292,000 holdings, demonstrating strong user engagement and platform adoption. As per Token Terminal, this demonstrates increased interest in investments through blockchain technology, with the tokenized stocks industry currently valued at a total market capitalization of $2.8 billion.
According to Token Terminal, Ondo Stocks accounts for approximately $1.01 billion in total value locked (TVL) within the tokenized stocks ecosystem. The platform's activity metrics have shown significant growth, with monthly transfer volume increasing 194% to $23.49 billion and active addresses rising 41.6% to nearly 601,000. However, distributed value increased only 4% to $2.33 billion over the same period, indicating that growth in activity metrics may not translate directly to value creation. The platform now offers more than 440 tokenized stocks and ETFs across Ethereum, BNB Chain and Solana, with the platform passing $1 billion in TVL according to Ondo and managing director John Hoffman.
The addition of Circle, SpaceX and SanDisk as Perps collateral enables tokenized assets to serve as both market exposure and trading collateral within the same system. As reported by Token Terminal, this represents an early form of onchain prime brokerage, where traders can use tokenized securities alongside stablecoins as multi-asset collateral. The immediate use cases include hedging strategies, where traders holding tokenized equity can open offsetting perpetual trades, and basis strategies where investors can hold spot tokens while shorting perpetual futures. Ondo's tokenized stocks and ETFs are backed by corresponding securities and cash in transit, with underlying holdings kept at US-registered broker-dealers or US-chartered national trust companies, with independent verification agents reviewing backing each business day.
