Ondo Finance is urging United States regulators to bring perpetual futures tied to individual stocks onshore. The company argues that these products can already operate under the country's existing security futures framework without requiring new rules.
In three comment letters dated August 24 to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), Ondo stated that current rules can accommodate perpetual stock futures while incorporating modern margining practices and onchain market data. The firm noted that its Panama-based affiliate already offers stablecoin-settled perpetual futures on individual US-listed stocks outside the United States. According to the company, that platform recorded $8 billion in cumulative trading volume as of August 14, roughly six weeks after its launch.
Ondo explained that scheduled funding payments keep perpetual contracts aligned with the price of their underlying stocks, serving a function similar to expiration dates in traditional futures. In its product-classification letter, the company noted that nothing in the statutory definition of a security futures product requires a fixed expiration date. Furthermore, Ondo pointed out that many of the stocks underlying offshore perpetuals are principally traded on US exchanges, stating that bringing that activity back to the US is something both agencies should actively pursue.
Ondo ranks as one of the largest managers of tokenized real-world assets, holding the fourth position with approximately $2.6 billion in distributed value, according to data from RWA.xyz.
Regulatory Context and Market Developments
Ondo's proposal arrives as US regulators reevaluate how existing market rules apply to onchain products, including tokenized securities and perpetual futures. President Donald Trump stated in August that CFTC Chair Michael Selig was working to bring Hyperliquid into the US in a fully compliant and legal fashion. Hyperliquid is recognized for its onchain perpetual futures market, though neither the CFTC nor Hyperliquid has publicly detailed the mechanics of US access.
Both the SEC, which oversees securities markets, and the CFTC, which regulates US derivatives, have increased coordination recently. The two agencies signed a memorandum of understanding in March to harmonize oversight across overlapping jurisdictions. Additionally, the SEC proposed an overhaul of its transfer agent framework, pointing to growing demand for blockchain-native recordkeeping and tokenized securities as it reexamines older market infrastructure rules.
