Mike

Ondo

Tesla

<a href="https://www.thestreet.com/crypto/tag/ondo-finance" rel="noopener noreferrer nofollow">Ondo Finance</a> is launching Ondo Perps on June 9, 2026, a platform that will let users outside the United States trade leading U.S. stocks and ETFs with leverage, all on-chain.
A perpetual contract, or "perp," lets a trader bet on whether an asset's price will rise or fall, with leverage and no expiration date, so a position can be held indefinitely. Until now, perps have lived almost entirely on crypto trading platforms. <a href="https://ondo.finance/blog/introducing-ondo-perps" rel="noopener noreferrer nofollow">Ondo Perps</a> points the same instrument at stocks and ETFs.
<a href="https://www.thestreet.com/crypto/markets/ondo-finance-exec-sees-tokenized-stocks-hitting-3b-by-year-end" rel="noopener noreferrer nofollow">Related: Ondo Finance exec sees tokenized stocks hitting $3B by year-end</a>
<h2 id="what-ondo-perps-does">What Ondo Perps does</h2>
Users will be able to trade tokenized versions of assets like Tesla, <a href="https://www.thestreet.com/crypto/markets/nvidia-linked-stock-sinks-after-3-billion-capital-raise" rel="noopener noreferrer nofollow">Nvidia</a>, and ETFs tracking the <a href="https://www.thestreet.com/crypto/markets/coinbase-stock-sinks-25-within-a-year-of-joining-s-p-500" rel="noopener noreferrer nofollow">S&amp;P 500</a>, with positions they can open, manage, and close at any time.
The platform offers up to 20x leverage and is available solely outside the United States, since perpetual futures on equities are not permitted for U.S. retail traders.
The standout feature is collateral. Traders can post their <a rel="noopener noreferrer nofollow">tokenized stock</a> holdings as margin. Someone holding tokenized Tesla shares, for example, can use them as collateral to open a leveraged Nvidia position without putting up additional cash.
<h2 id="launch-follows-growing-regulatory-acceptance">Launch follows growing regulatory acceptance</h2>
The launch lands days after a milestone for U.S. perps. On May 29, the Commodity Futures Trading Commission <a href="https://www.cftc.gov/PressRoom/PressReleases/9240-26" rel="noopener noreferrer nofollow">approved</a> the country's first regulated Bitcoin perpetual futures contract, KalshiEX's BTCPERP.
<blockquote>
 "A major step forward." said CFTC Chairman Mike Selig, on the BTCPERP approval
</blockquote>
In a separate letter the same day, the CFTC also cleared a path for Coinbase to offer perpetual futures to U.S. customers through an offshore affiliate, with the products treated as foreign futures.&nbsp;
Ondo Perps and the Kalshi approval are different in scope, one is non-U.S. equity perps, the other is a U.S.-regulated Bitcoin perp, but together they point to growing regulatory acceptance of the product.
<h3 id="popular-on-thestreet-roundtable">Popular on TheStreet Roundtable:</h3>
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 <li><a href="https://www.thestreet.com/crypto/markets/macro-guru-raoul-pal-delivers-crucial-message-for-investors-chasing-rally" rel="noopener noreferrer nofollow">Macro guru Raoul Pal delivers crucial message for investors chasing rally</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/new-report-reveals-gold-has-overtaken-us-treasuries" rel="noopener noreferrer nofollow">New report reveals gold has overtaken U.S. Treasuries</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/billionaire-peter-thiel-moves-out-of-u-s-citing-harsh-concerns" rel="noopener noreferrer nofollow">Billionaire Peter Thiel moves out of U.S. citing harsh concerns</a></li>
</ul>
<h2 id="ondo-s-tokenized-stock-business">Ondo's tokenized stock business</h2>
Ondo already leads the tokenized equities market. Its tokenized stock platform, Ondo Global Markets, holds more than 70% market share among tokenized equity issuers, according to RWA.xyz.
That platform <a href="https://ondo.finance/blog/ondo-tokenized-stocks-surpass-one-billion-tvl" rel="noopener noreferrer nofollow">crossed $1 billion in total value locked on May 11</a>, which Ondo said made it the first tokenized stock platform to hit the mark, in under eight months. TVL has doubled since January 2026, and cumulative trading volume has passed $18 billion.
Ondo Global Markets offers more than 260 tokenized U.S. stocks and ETFs across <a href="https://www.thestreet.com/crypto/markets/solstice-launches-slx-token-for-fast-growing-solana-yield-ecosystem" rel="noopener noreferrer nofollow">Solana</a>, Ethereum, and BNB Chain, reachable through wallets and exchanges including Binance, Bitget, MetaMask, and Blockchain.com. Each token is fully backed by the underlying security held with a U.S.-registered broker-dealer, and it tracks total return, including dividends.
Ondo executive Ian De Bode said he expects the tokenized equity market to roughly double to between $2.5 billion and $3 billion by year-end, and views even that as an early stage.
<a href="https://www.thestreet.com/crypto/markets/ondo-and-broadridge-partner-to-enable-voting-for-tokenized-stocks" rel="noopener noreferrer nofollow">Related: Ondo and Broadridge partner to enable voting for tokenized stocks</a>

Ondo is bringing leveraged stock trading on-chain with Ondo Perps, live June 9

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