21Shares Files for ETF Tracking Ondo’s Real-World Asset Token

21Shares has submitted an application to launch an exchange-traded product (ETP) that tracks Ondo (ONDO), the native token of Ondo Finance.

The S-1 filing was submitted Tuesday to the U.S. Securities and Exchange Commission (SEC), signaling another step forward in bridging traditional finance with tokenized asset platforms.

If approved, the fund would allow investors to gain exposure to ONDO through regulated markets, bypassing the need for direct crypto interaction. The ETF would track the CME CF Ondo Finance-Dollar Reference Rate, with custody provided by Coinbase.

What is Ondo Finance?

Founded in 2021 by ex-Goldman Sachs executives Nathan Allman and Pinku Suran, Ondo Finance is a DeFi platform specializing in tokenized real-world assets (RWAs). The project offers tokenized versions of U.S. Treasury bills, bonds, and money market instruments—allowing users to earn yield onchain from offchain assets.

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Ondo aims to make traditional financial products more accessible through blockchain rails. With over $200 million in total value locked, it is one of the largest RWA-focused DeFi protocols.

Why it matters

21Shares’ filing represents growing institutional interest in crypto projects tied to real-world utility. As RWAs gain traction across DeFi, the move could pave the way for similar offerings centered around assets like stablecoins, bonds, or credit. For ONDO, this may mean increased exposure and liquidity if the ETP receives SEC approval.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.