21Shares Files for First Spot ONDO ETF, Advancing Tokenized RWA Adoption

Sean Williams
Ondo (ONDO)

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Key Takeaways:

  • 21Shares’ ONDO ETF filing may bring DeFi-native RWAs into mainstream finance, offering investors regulated exposure to tokenized U.S. Treasurys and credit assets.
  • Institutional developments, such as the Oasis Pro acquisition and USDY’s global expansion, strengthen Ondo Finance’s regulatory and operational foundation.
  • ONDO’s price action suggests short-term caution but holds strong breakout potential if resistance levels are breached.

Swiss asset manager 21Shares has submitted a filing with the U.S. Securities and Exchange Commission (SEC) to launch a spot ETF tracking ONDO, the utility token of Ondo Finance. Named the “21Shares Ondo Trust,” the proposed ETF would be among the first to offer direct exposure to a DeFi-native token tied to real-world asset (RWA) tokenization.

The fund will track the CME CF Ondo Finance-Dollar Reference Rate, with Coinbase designated as the custodian. Designed as a passive investment vehicle, the ETF will feature cash or in-kind redemptions, mirroring the structure of approved spot Bitcoin ETFs.

Ondo Finance: Real-World Assets Meet DeFi Infrastructure

ONDO is the native token of Ondo Chain, a layer-1 blockchain dedicated to tokenizing institutional-grade RWAs such as U.S. Treasurys and private credit instruments. The project has gained institutional attention, with a circulating supply of 3.1 billion the coin out of a total 10 billion and a current market cap of $3.41 billion.

Despite trading at $1.08—down nearly 50% from its December 2024 high of $2.14—ONDO’s long-term growth potential is buoyed by its focus on regulated asset tokenization and expanding partnerships.

Institutional Activity Heats Up Around ONDO and USDY

Recent strategic moves underscore Ondo Finance’s push into traditional finance. Earlier this month, the company acquired SEC-registered broker-dealer Oasis Pro, granting it legal authority to manage tokenized securities within U.S. regulations.

Additionally, USDY, Ondo’s flagship tokenized note backed by U.S. Treasurys, has been integrated into Alchemy Pay’s fiat on-ramp via Solana, making it accessible in 173 countries. This move blends stablecoin liquidity with yield-generation and regulatory clarity, enhancing USDY’s appeal for global investors.

Meanwhile, the Trump-affiliated World Liberty Financial holds over 342,000 the coin tokens, a modest but symbolic endorsement of the platform’s promise.

ONDO Technicals Hint at Consolidation Before Next Move

ONDO recently pulled back 5.39% from a high of $1.14, with price hovering near the upper Bollinger Band ($1.15). The RSI at 68.15 signals that the token is nearing overbought territory, potentially prompting consolidation.

The MACD remains bullish but is losing momentum, while the Balance of Power at -0.78 shows seller dominance in the short term. If the coin can break above resistance at $1.15, it may set sights on the $1.30 zone—positioning itself as a leading candidate for a breakout in the current market cycle.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses

Also Read: ONDO Surges 73%, Eyes Breakout Above $1.20

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