Borrow against tokenized Tesla

Two tokenized Teslas, two very different loans

Teller accepts the same underlying share through two tokens. Ondo’s TSLAon sits at 0xf6b1117ec07684d3958cad8beb1b302bfd21103f and xStocks’ TSLAx at 0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0. Same company, same price, and terms that are not close.

This row clears 60.6% at 6% APR. The xStocks row clears roughly half as much and charges several times the rate. Nothing about Tesla explains the gap. It is two operators pricing two issuers, and it is the clearest example on the platform of why the row matters more than the ticker.

Read both before you choose. Compare on the TSLAx page.

What the ceiling gap is worth on a real loan

Take a $10,000 loan. On this row you commit roughly $16,500 of collateral. On the xStocks row, at a ceiling around half as wide, you commit about $30,000. That is $13,500 of Tesla exposure staying in your wallet for choosing one wrapper over the other.

The rate compounds the difference rather than offsetting it. This row charges 6% a year, so a 30-day term costs around $49 on that $10,000. The xStocks row charges 25%, or about $205. Same company, same share price, four times the carry and nearly twice the collateral.

A stock that moves like a crypto asset, priced like a stock

Tesla is among the more volatile large-cap equities, and it still earns a ceiling far above any token on this platform. That is the size of the gap between equity volatility and crypto volatility: even a fast-moving share supports a bigger loan per dollar than a blue-chip coin.

The contract reports its name as “Tesla (Ondo Tokenized)” with a supply of about 16,010 tokens, both readable in one call each.

Supply moves, and that tells you something

The Ondo token’s supply changes as shares are minted and redeemed against it, which is why the figure above is a reading rather than a constant. The xStocks token sits at a flat 45,000, a number that has not moved.

A float that tracks demand and a float that is fixed are two different designs, and they are part of what separates the terms on the two rows. Call totalSupply on either contract to see where each stands now.

The loan

Deposit TSLAon, receive USDC, repay or roll on the due date. Rate, LTV and the roll window are set when the loan opens and do not change during the term. There is no liquidation threshold during the term, so an earnings session or a delivery-number miss leaves the obligation where it started.

Miss the due date and the collateral is forfeit. The pool is on Ethereum, so budget mainnet gas across the approval and the borrow.

What you hold

The token tracks Tesla’s share price and Ondo holds the underlying share. No vote, no direct claim on the company, and minting and redemption run through the issuer under its own eligibility rules. The rest of the set is on the tokenized stocks page.