Why is Ondo (ONDO) up 11.37% Today, July 22, 2026? Tokenized Stock Collateral Extends Its Perps Liquidity Thesis

ONDO outperformed after Ondo Perps enabled tokenized SPY and QQQ exposure (SPYon, QQQon) as collateral, linking RWA equity tokens to perpetuals margin and improving capital efficiency for traders and market makers. The move was supported by elevated spot volume (~$225M) versus prior sessions. With TVL broadly flat over a week, near-term focus shifts to measurable uptake: collateral deposits, perp liquidity, spreads, and sustained activity.