Change-traded fund issuer 21Shares has filed with US regulators for a product monitoring the spot value of Ondo, the native token of the decentralized finance protocol Ondo Finance.
21Shares submitted a preliminary prospectus with the Securities and Change Fee for the “21Shares Ondo Belief” on Tuesday, which goals to immediately maintain Ondo (ONDO) tokens and monitor efficiency by way of the CME CF Ondo Finance-Greenback Reference Fee. Coinbase will present custody of the tokens.
It is going to be a passive funding car with no hypothesis or leverage. Licensed members can create or redeem shares in money or in-kind.
ONDO is the native utility token of Ondo Chain, a layer-1 proof-of-stake blockchain with a deal with institutional-grade monetary markets and tokenized real-world property (RWAs).
Ondo has a market capitalization of $3.5 billion and a circulating provide of three.1 billion out of a complete of 10 billion tokens. It’s at the moment priced at $1.12, which is down 48% from its December all-time excessive of $2.14, in accordance with CoinGecko.
ONDO tied up with the Trumps
The Trump household’s DeFi platform, World Liberty Monetary, has been a backer of Ondo Finance, having added the platform’s token to its holdings.
In December, World Liberty Monetary bought $250,000 price of ONDO, and it at the moment holds 342,000 tokens price round $383,000, in accordance with Nansen.
Nonetheless, the Trump DeFi platform’s ONDO holdings comprise simply 0.2% of the overall $208 million portfolio, which is predominantly stablecoins and wrapped Ether (ETH) and Bitcoin (BTC).
Deal with institutional RWA tokenization
Earlier this month, Ondo Finance acquired the SEC-registered broker-dealer Oasis Professional with goals to launch tokenized securities in partnership with Pantera Capital.
Associated: $250M Ondo Catalyst fund indicators ‘arms race’ for RWA tokenization
Oasis Professional is registered with the SEC as an Various Buying and selling System and switch agent, that means it’s a registered non-exchange buying and selling venue and might handle possession of securities. It has additionally been a member of the Monetary Trade Regulatory Authority since 2020.
Ondo Chain, the platform’s institution-focused layer-1 blockchain for Wall Road companies to tokenize RWAs, was introduced in February.
RWA onchain worth surges
Tokenized actual world asset worth km mmmm mmmmonchain has skyrocketed this 12 months, surging 58% to nearly $25 billion, in accordance with RWA.xyz.
The lion’s share of these property, that are primarily non-public credit score and US Treasurys, is tokenized on Ethereum, which has a 55% market share.
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