Trade-traded fund issuer 21Shares has filed with US regulators for a product monitoring the spot worth of Ondo, the native token of the decentralized finance protocol Ondo Finance.
21Shares submitted a preliminary prospectus with the Securities and Trade Fee for the “21Shares Ondo Belief” on Tuesday, which goals to instantly maintain Ondo (ONDO) tokens and observe efficiency by way of the CME CF Ondo Finance-Greenback Reference Price. Coinbase will present custody of the tokens.
It will likely be a passive funding car with no hypothesis or leverage. Licensed individuals 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 give attention to institutional-grade monetary markets and tokenized real-world belongings (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, according to 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 purchased $250,000 price of ONDO, and it at the moment holds 342,000 tokens price round $383,000, according to Nansen.
Nonetheless, the Trump DeFi platform’s ONDO holdings comprise simply 0.2% of the whole $208 million portfolio, which is predominantly stablecoins and wrapped Ether (ETH) and Bitcoin (BTC).
Concentrate on 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 signals ‘arms race’ for RWA tokenization
Oasis Professional is registered with the SEC as an Various Buying and selling System and switch agent, which means it’s a registered non-exchange buying and selling venue and may 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 announced in February.
RWA onchain worth surges
Tokenized actual world asset worth onchain has skyrocketed this yr, surging 58% to virtually $25 billion, according to RWA.xyz.
The lion’s share of these belongings, that are primarily personal credit score and US Treasurys, is tokenized on Ethereum, which has a 55% market share.
Journal: Bitcoin OG Willy Woo has sold most of his Bitcoin: Here’s why
