Ondo Finance is preparing to launch Ondo Perps, a platform that will offer perpetual futures trading for tokenized real-world assets, following a major regulatory development in the United States.
The planned rollout comes shortly after the Commodity Futures Trading Commission approved the first perpetual futures contract to be listed on a regulated US exchange.
The move could expand access to round-the-clock trading of tokenized stocks, exchange-traded funds, and commodities while introducing a new collateral model built around tokenized securities.
CFTC Approval Marks Key Development for Perpetual Futures
On May 29, the CFTC approved Kalshi’s BTCPERP contract, making it the first perpetual futures product cleared for trading on a regulated US exchange.
Alongside the approval, the agency issued policy guidance and interpretive statements outlining how perpetual contracts fit within existing futures market regulations.
Ondo Perps welcomed the decision and described it as an important milestone for the perpetual futures market. The company believes the approval may help establish future regulatory standards for similar products.
Perpetual futures have become one of the largest products in digital asset markets because they allow traders to maintain leveraged positions without expiration dates.
Trading volumes in crypto perpetuals have reached roughly $86 trillion, while traditional derivatives markets remain substantially larger.
Ondo Perps Focuses on Tokenized Assets and Alternative Collateral
The upcoming platform will allow non-US users to trade perpetual contracts linked to US-listed stocks, ETFs, commodities, and other tokenized assets with leverage of up to 20 times. An early access program launched on March 27 and included contracts tied to companies such as Apple, Nvidia, Tesla, Amazon, Meta Platforms, and Microsoft, as well as products linked to oil and precious metals.
A key feature of Ondo Perps is its collateral framework. Unlike many crypto-native exchanges that primarily rely on stablecoins, Ondo plans to let users post tokenized securities as collateral and use them across multiple positions.
The strategy reflects the company’s broader focus on tokenization. Its OUSG tokenized Treasury product managed more than $620 million by the end of May, while the USDY yield-bearing token has gained traction among offshore decentralized finance participants.
New Leadership and Regulatory Questions Ahead
The launch will be one of the first major initiatives under CEO Ian De Bode, who recently assumed leadership after founder Nathan Allman passed away in May. De Bode previously served as Ondo’s president and led strategy and operations for more than two years.
Despite growing momentum, regulatory uncertainty remains. The CFTC stated that perpetual contract structures may not be suitable for every asset class and encouraged discussions before new listings are introduced.
That position suggests future approvals could be evaluated individually. For now, Ondo Perps remains focused on international markets, but the latest regulatory shift may create new opportunities as the platform expands its tokenized asset offering.
