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Ondo asks SEC and CFTC to move US stock perpetuals onshore
Ondo said an offshore stablecoin-settled version of its stock perpetuals hit $8 billion in cumulative trading volume as of Aug. 14, about six weeks after launch.
Ondo Finance is urging US regulators, the Securities and Exchange Commission and Commodity Futures Trading Commission, to bring perpetual futures tied to individual US-listed stocks onto US platforms. In three comment letters dated Aug. 24, the company argued that existing security futures laws could accommodate the products without new rulemaking, while also fitting modern margining and onchain market data practices, according to Cointelegraph.
Ondo said its Panama-based affiliate already offers stablecoin-settled perpetual futures on individual stocks outside the United States, and reported $8 billion in cumulative trading volume as of Aug. 14, roughly six weeks after the launch. The company also said it ranks fourth among tokenized real-world asset managers by distributed value, with about $2.6 billion in distributed value as of Wednesday, based on RWA.xyz data cited by Cointelegraph.
In its submissions, Ondo argued that scheduled funding payments can keep perpetual contracts aligned with the price of their underlying stocks, serving a role similar to expiration in traditional futures. The company added that there is no requirement in the statutory definition of a security futures product that mandates a fixed expiration date.
Ondo further said many of the underlying stocks for offshore perpetuals are principally traded on US exchanges, and argued regulators should actively pursue bringing that activity back to the United States. Cointelegraph noted the proposal comes as US regulators reconsider how existing market rules apply to onchain products, including perpetual futures and tokenized securities.