Ondo Perps turns Ondo Stocks from spot RWA wrappers into margin collateral for directional flow. Ondo already claims 430+ tokenized stocks and ETFs, over $1B TVL, and 24/7 mint/redemption for SPYon, QQQon, CRCLon, NVDAon, TSLAon, and GOOGLon; the comp is Hyperliquid's collateral loop with Nasdaq beta, not another Robinhood-style wrapped-stock UI in 2026.

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