Ondo Perps Adds Spot Trading for 12 Tokenized Stocks and ETFs

The collateral linkage is the real story here: letting tokenized equities double as margin for short perps blurs the line between spot exposure and leveraged positioning on a single venue. That matters most for traders already holding these tokens, who gain capital efficiency without moving assets elsewhere, and for competing tokenized-equity venues watching whether the model draws flow. The fee waiver is a standard bootstrapping tactic, so the open question is whether activity persists once it lapses — and whether using stocks as perp collateral invites scrutiny over risk transmission between the two books.