21Shares Files for ETF Tracking Ondo Token Amid Growing Institutional Interest in RWA Tokenization

Key Points

1. 21Shares filed a preliminary prospectus for the 21Shares Ondo Trust ETF, which will hold ONDO tokens directly and use the CME CF Ondo Finance-Dollar Reference Rate for liquidity and tracking.

2. Ondo Finance focuses on tokenizing real-world assets (RWAs), particularly Treasurys, targeting institutional investors, with a market cap of approximately $3.5 billion.

3. Ondo Finance acquired Oasis Pro, an SEC-registered broker-dealer, to enhance regulatory compliance and market reach, aligning with its goal of integrating DeFi with traditional finance.

4. The value of tokenized RWAs has surged to nearly $25 billion in 2025, with Ethereum dominating 55% of the market, highlighting growing institutional interest in blockchain-based assets.

5. The ETF filing reflects a broader trend of convergence between DeFi and traditional finance, offering regulated investment vehicles to facilitate institutional adoption of tokenized assets.