Ondo Says US Rules Can Support Stock Perpetual Futures
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Published: Sep 2, 2026
Ondo urges SEC, CFTC to bring US stock perpetuals onshore.
Ondo Finance is advocating for the onboarding of perpetual futures tied to individual stocks within the United States, asserting that these products can operate under existing U.S. security and futures regulations without requiring new rules.
In its August 24th comment letters to both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), Ondo posited that current rules could accommodate perpetual stock futures, while also considering modern margining practices and on-chain market data.
The company boasts that its Panama-based affiliate offers stablecoin-settled perpetual futures on U.S.-listed stocks outside the United States, with a cumulative trading volume of $8 billion as of August 14th—just six weeks after launching.
Ondo ranks fourth among tokenized real-world asset (RWA) managers by distributed value, according to RWA.xyz data.
The company argued that scheduled funding payments could align perpetual contracts with the price of their underlying stocks, performing a function similar to expiration in traditional futures:
"Nothing in the statutory definition of a security futures product requires a fixed expiration date." — Ondo, in its product-classification letter.
Moreover, Ondo noted that many of the stocks underlying offshore perpetuals are primarily traded on U.S. exchanges, suggesting that bringing this activity back to the U.S. should be a priority for both agencies.
As one of the largest managers of tokenized RWAs, with approximately $2.6 billion in distributed value as of Wednesday, Ondo’s proposal comes at a time when U.S. regulators are reevaluating how existing market rules apply to on-chain products, including perpetual futures and tokenized securities.