Ondo wants to rebuild prime brokerage on-chain — and perps are the first step

CoinDesk News Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Ondo wants to rebuild prime brokerage on-chain — and perps are the first step Ondo showcases rapid growth in tokenized assets and unveils plans to turn that momentum into a full-stack on-chain financial services ecosystem at its summit. By AI Boost | Edited by Jennifer Sanasie Feb 6, 2026, 5:54 p.m. Make us preferred on Google Latest developments: In an interview with CoinDesk Live from the Ondo Summit, Ondo President Ian de Bode says 2025 marked a breakout year for its core businesses. The firm is now a leading issuer in tokenized U.S. Treasuries, with more than $2 billion in total value locked, according to president Ian De Bode. Its Global Markets platform for tokenized stocks and ETFs has reached roughly $600 million in TVL, giving Ondo about 60% market share in that niche, De Bode said. Ondo also highlighted partnerships with traditional finance heavyweights including Mastercard and JPMorgan. The context: Tokenization is still early, and revenue is not yet the primary focus. De Bode described the current phase as a “land grab,” with banks, asset managers and custodians racing to get assets on-chain. He said the priority is building scalable infrastructure — “the pipes” — before monetization fully kicks in. Even at current scale, Ondo’s tokenized products remain tiny relative to traditional finance markets, he added. Why it matters: Ondo is positioning itself beyond asset issuance and toward services. The company announced Ondo Perps, a new platform for perpetual futures on equities and commodities. Unlike existing venues that rely solely on stablecoins, Ondo Perps will allow tokenized stocks and ETFs to be posted as collateral, De Bode said. That design is meant to attract market makers, deepen liquidity and enable more sophisticated trading strategies. Driving demand: Retail adoption outside the U.S. is already showing up. De Bode said Ondo’s tokenized stocks platform has seen net inflows on all but three days since launching in September. Distribution through crypto wallets and exchanges — including Binance Wallet and a newly announced MetaMask integration — is accelerating uptake, particularly in Asia. He argued tokenized stocks solve real access problems globally, similar to how stablecoins expanded access to U.S. dollars. What comes next: Ondo’s long-term ambition is on-chain prime brokerage. Perpetuals are just the first step toward recreating traditional prime brokerage services on-chain, De Bode said. The broader thesis is convergence: investors will want a single app to trade crypto, stocks, ETFs and derivatives around the clock. Ondo plans to partner with centralized exchanges and wallets to make tokenized traditional assets native to crypto trading workflows. Media Network Interview Tokenization Real World Assets AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy .