How Ondo Is Bringing Stocks and Perps Onchain | Ian De Bode

— Ondo brought tokenized SpaceX stock to Ethereum within five minutes of its NASDAQ IPO on June 12, using pre-integrated market makers and RFQ (request-for-quote) infrastructure rather than AMM pools.

— Tokenized stocks require real TradFi liquidity, not shallow DEX pools; Ondo charges a 5 basis-point spread over the live NASDAQ/NYSE price to cover volatility buffer and execution risk.

— Ondo Perps enables equity perpetuals backed by tokenized stocks as collateral, making market makers capital-efficient (roughly 100%) versus synthetic perps with off-chain hedges (roughly 50%).

— Ondo Perps uses a hybrid model: execution lives off-chain in secure enclaves verified by multiple testers; deposits and withdrawals are on-chain and non-custodial.

— Most popular tokenized stocks include Circle, Micron, Tesla, and now SpaceX; offshore retail, market makers, and institutions all trade these products.

— Incumbents like NASDAQ building 24-7 weekend markets on private blockchains will benefit Ondo as a client, not compete; Ondo controls distribution and DeFi integrations via wrappers.

— Tokenized stocks on-chain allow borrowing against them as collateral—on Ondo Perps or emerging DeFi protocols—enabling leverage and portfolio strategies unavailable in traditional brokerage.

— The offshore perp market will likely remain more expressive (higher leverage, broader assets) than any regulated onshore equivalent; both will coexist, and the U.S. should avoid overregulating to stay competitive.

— Patient builders holding tokenized stocks can use them as collateral for weekend carry trades (shorting equities offshore, collecting funding rates) and participate in emerging portfolio strategies unavailable in traditional finance.