Ondo Launches Perpetual Futures Platform with 20x Leverage and Integrates Tokenized Securities with MetaMask

Ondo Finance has launched a perpetual futures platform called Ondo Perps that enables non-U.S. users to trade U.S. stocks, ETFs, and commodities with up to 20x leverage and 24/7 access according to Bitget. The platform uses tokenized securities as collateral, supports cross-collateralization, and improves capital efficiency while addressing liquidity issues in onchain equity derivatives as reported. Ondo has also partnered with MetaMask to provide non-U.S. users with real-time on-chain trading of tokenized U.S. stocks and ETFs through a mobile app, expanding access to global financial instruments according to Bitget.

Ondo Perps is a perpetual contract product that allows non-U.S. users to trade major U.S. stocks and ETFs with up to 20x leverage according to Bitget. This product is designed to enhance capital efficiency and liquidity by using tokenized securities as collateral and cross-collateralizing positions as reported. It is available only to users outside the United States and supports 24/7 trading. The platform aims to address inefficiencies in the equity perpetuals market by reducing fragmented capital and shallow liquidity according to MEXC.

In a separate move, Ondo Finance deployed USDY, tokenized U.S. Treasuries, on the Sei Network. This provides real-time yield to holders and supports institutional-grade yield infrastructure according to MEXC. USDY, the largest tokenized U.S. Treasury product by total value locked (TVL), has reached $2.5 billion in TVL across chains according to MEXC. This deployment aligns with Sei's recent performance, including 1.2 million daily active addresses and an upgrade to v6.3 that increased throughput to 200,000 TPS according to AInvest.

Despite the deployment of USDY, ONDO's price has declined by 7.3% in 24 hours. This is attributed to the unlock of 1.94 billion tokens on January 18, 2026, creating supply pressure according to TradingView. Market conditions have also contributed to the decline, with the broader crypto market experiencing a mild risk-off phase according to AInvest. While Ondo's TVL remains robust at $2.698 billion, short-term bearish sentiment is expected to persist until key events like the Ondo Summit provide positive catalysts according to MEXC.

Ondo InsurTech PLC has also updated its remaining warrant program, with 2,411,663 warrants still exercisable before their expiration on May 22, 2026 according to Investing.com. The company had applied for a block listing of 33,037,918 ordinary shares in July 2023 to facilitate future share issues from warrant exercises according to Reuters. As of January 30, 2026, 30,626,255 warrants have either been exercised or lapsed, leaving one active warrant program.

What is the significance of Ondo Perps for institutional and retail investors?

Ondo Perps represents a significant innovation in the onchain equity derivatives space by addressing the issue of fragmented capital and shallow liquidity according to Bitget. The platform enables users to trade major U.S. stocks, ETFs, and commodities with up to 20x leverage and 24/7 access as reported. This is a notable advancement as it allows non-U.S. users to access markets that were previously constrained by traditional market hours and intermediaries according to MEXC.

The use of tokenized securities as collateral also enhances capital efficiency by reducing the need for duplicated reserves and unlocking previously locked capital for productive deployment according to MEXC. This model is expected to attract institutional capital and improve overall market liquidity according to MEXC.

How is Ondo expanding tokenized asset adoption through partnerships like MetaMask?

Ondo's partnership with MetaMask is part of a broader strategy to expand tokenized asset adoption and streamline access to global financial markets according to AInvest. This collaboration allows non-U.S. users to trade tokenized U.S. stocks and ETFs directly through the MetaMask mobile app according to TradingView. Over 200 tokenized assets are available, including companies like Tesla, Apple, and NVIDA, as well as ETFs tied to gold, silver, and the Nasdaq according to AInvest.

The integration with MetaMask aims to unify crypto and traditional asset portfolios within a self-custodial wallet, reducing reliance on intermediaries and streamlining access according to MEXC. This move reflects growing interest in real-world asset tokenization, with the global RWA market projected to exceed $11 trillion by 2030 according to Investing.com.

GM tokens, which track the value of their underlying assets in a 1:1 ratio, are currently available on Ethereum, with desktop support expected by late February according to Reuters. The long-term success of this offering will depend on factors like liquidity, fees, and ease of use for non-U.S. investors.

What is the status of Ondo's warrant program and its implications for the company's capital structure?

Ondo InsurTech PLC has reported that 2,411,663 warrants remain exercisable under its Fund Raising Warrant program before their expiration on May 22, 2026. These warrants are part of a block listing of 33,037,918 ordinary shares admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange in July 2023.

The block listing facilitates potential future share issues through warrant exercises and provides flexibility in managing the company's capital structure. As of January 30, 2026, 30,626,255 warrants have either been exercised or lapsed, leaving only one active warrant program. The company is expected to continue monitoring and reporting on the status of its warrant program in line with regulatory requirements.