Ondo Perps' public beta is now open to all users. Last time, we talked about 24/7 trading, but today I want to dive into another aspect that I think deserves more attention—their collateral model. This might be the core design that many people have overlooked. On most Perp platforms, if you want to open a leveraged position, you first have to convert your assets into USDC or USDT to use as margin. This comes with two costs: first, the slippage from the conversion, and second, your underlying position gets liquidated. But Ondo Perps does things differently—it allows you to directly use tokenized stocks as collateral. What does that mean? For example, if you hold tokenized AAPL stock on-chain, you don’t need to sell it to convert into USDC. You can directly use it as collateral to open a long position on NVDA, a short position on TSLA, or go long on gold for hedging. Your underlying holdings remain untouched, maximizing capital efficiency while keeping your original asset exposure. This is what Ondo is truly doing—not just bringing U.S. stocks on-chain as Perps, but enabling these on-chain assets to enter a composable capital efficiency system. Currently available assets include: SPCX (SpaceX), MU (Micron), NVDA, TSLA, AAPL, COIN, HOOD, MSTR, as well as Nasdaq QQQ, gold, silver, and crude oil. More individual stocks will be added gradually. Also, if you’re a Chinese-speaking user, feel free to check out the Ondo Perps Chinese community: http://t.me/ondoperpscn The group regularly hosts community events and provides updates on new asset listings. If you have friends trading U.S. stocks or on-chain Perps, invite them to join the conversation!