dYdX Team’s Arcus Opens Stock-Token Collateral to All Perps Traders, Caps Non-USDG Deposits at $20,000

Removing the volume gate widens access to tokenized equity collateral, but the deposit caps show Arcus is still managing risk and liquidity rather than throwing the doors open. This matters most for smaller perps traders who were previously locked out, and for the broader question of whether stock tokens can function as practical margin outside a closed cohort. The open question is whether the caps are a temporary onboarding constraint or a structural limit, and how collateral of this kind behaves under stress.