Ondo turns U.S. stocks into 24/7 perpetual: the biggest moat of traditional finance is being dismantled by 'time.'

U.S. stocks don't sleep anymore. You should no longer understand risk with 'opening and closing.'

Ondo launches Ondo Perps: allowing users to trade mainstream U.S. stocks and ETFs' perpetual contracts 24/7 (open to users outside the U.S.), and allows tokenized securities as collateral, with cross-margining and up to 20x leverage.

If you only see it as 'just another derivative product,' you will underestimate it. The real change is: the time barrier has been dismantled.

A hidden advantage of traditional markets is the 'market closure.' Market closure means: - Risks are forced to pause; - News has a buffer period; - Market makers have a window to repair their balance sheets. Meanwhile, 24/7 perpetual means: it can be repriced at any moment, and any sentiment can be immediately leveraged.

It becomes more interesting when you look at it alongside Ondo's other clue: it has also submitted a registration statement to the SEC, providing issuer-level information disclosure that meets SEC standards. This means it doesn't just want to create an 'offshore casino'; it is attempting to establish a disclosure framework for RWA that can be accepted by the mainstream.

This will completely disrupt the structure of the crypto market: 1) Stablecoins will become the main margin for 'stock risk'; 2) Crypto volatility will spill over to stocks (liquidations are asset-agnostic); 3) Stock news will impact crypto night trading (midnight earnings reports, midnight forced liquidations).

You will see a new species: treating AAPL as 'on-chain assets', settling with USDC, expressing views with perpetual contracts, and using on-chain market makers for liquidity. The New York Stock Exchange hasn't disappeared, but it is no longer the only price discovery stage.

A deeper layer: The challenges of RWA have never been about 'putting assets on the chain', but about 'enabling assets to be traded, cleared, and risk-controlled on the chain'. Ondo is working to bridge these three