21Shares files for US spot DeFi ETF tracking Ondo token to open institutional RWA access

Exchange-traded fund issuer 21Shares has taken a major step towards bringing decentralised finance (DeFi) tokens to US investors, filing a preliminary prospectus with the Securities and Exchange Commission (SEC) for a new ETF tracking the Ondo token (ONDO). If approved, the “21Shares Ondo Trust” would be one of the first spot DeFi token ETFs in the US market, offering a regulated vehicle for exposure to institutional-grade tokenised assets.

ETF Structure and Custody

According to the filing, the proposed trust will:

Directly hold ONDO tokens, with share performance linked to the CME CF Ondo Finance–Dollar Reference Rate.
Be a passive vehicle, with no leverage or derivatives, designed for long-term holders seeking spot token exposure.
Allow authorised participants to create or redeem shares in cash or in-kind, aligning with traditional ETF mechanics.
Use Coinbase Custody to safeguard the underlying ONDO tokens, leveraging one of the most established crypto custody providers.

This structure is similar to existing products tracking major cryptocurrencies like Bitcoin and Ether, but represents a new frontier in DeFi tokenisation. By offering a regulated ETF wrapper, 21Shares aims to bridge institutional demand and the emerging token-based real world asset (RWA) space.

Understanding the ONDO Token

ONDO is the native utility token of Ondo Chain, a layer-1 proof-of-stake blockchain built specifically for tokenising institutional assets and financial markets. Key metrics include:

Market capitalisation: approximately $3.5 billion.
Total supply: 10 billion, with 3.1 billion in circulation.
Current price: near $1.12, roughly 48 % below its December peak of $2.14.

Ondo Chain differentiates itself by focusing on tokenised real-world assets underpinned by regulatory compliance. It offers a suite of tools for asset managers, broker-dealers and institutional investors looking to tap into private credit, tokenised securities and other RWAs on-chain.

High-Profile Endorsements

In recent months, the Trump family’s DeFi venture, World Liberty Financial, disclosed a holding in ONDO. Nansen data indicates:

An initial purchase of $250,000 in ONDO back in December.
Current holdings of around 342,000 tokens, valued at roughly $383,000.
This position represents a modest 0.2 % of World Liberty’s $208 million portfolio, dominated by stablecoins, wrapped Ether and Bitcoin.

Such high-profile backing underscores the growing appetite among political and business circles for regulated DeFi exposure. As more institutions consider tokenised assets, the role of a specialist crypto recruiter or web3 headhunter is increasingly vital to source talent able to navigate complex regulatory and technical landscapes.

Institutional Push for RWA Tokenisation

Earlier this month, Ondo Finance acquired Oasis Pro, an SEC-registered broker-dealer and Alternative Trading System (ATS) that has operated as a transfer agent since 2020. The acquisition goals include:

Launching tokenised securities in collaboration with Pantera Capital.
Leveraging Oasis Pro’s FINRA membership to manage issuance and ownership of on-chain securities.
Integrating institutional compliance frameworks with DeFi rails.

By combining blockchain infrastructure with traditional broker-dealer capabilities, Ondo Finance aims to streamline the lifecycle of tokenised RWAs, from issuance and trading to custody and reporting. This marriage of fintech and DeFi has significant implications for blockchain recruiters and web3 talent acquisition, as firms seek analysts, compliance officers and smart contract engineers to build out these ecosystems.

On-Chain Value of RWAs Surges

The on-chain value of tokenised real world assets has taken off in 2024, driven by demand for private credit, US Treasurys and other yield-bearing instruments. According to RWA.xyz data:

Total tokenised RWA value: nearly $25 billion, up 58 % year-to-date.
Ethereum dominance: over 55 % of assets are tokenised on Ethereum.
Key segments: private credit, real estate debt, and tokenised government bonds.

This explosive growth highlights opportunities and challenges for financial institutions and startups alike. As tokenisation expands beyond novelty assets into mainstream portfolios, teams must hire specialists capable of addressing security, compliance and interoperability concerns. That’s where a dedicated crypto recruitment agency can help match top talent to firms pioneering these on-chain markets.

Implications for the Talent Market

The emerging intersection of DeFi and institutional finance is reshaping the demand profile for blockchain professionals. Key trends include:

Regulatory specialists: Compliance and legal experts adept in SEC filings, broker-dealer operations and token securities regulations.
Blockchain engineers: Developers fluent in Solidity, Cosmos SDK or Substrate, with experience in proof-of-stake consensus and smart contract auditing.
Operations and product managers: Roles focused on token issuance workflows, custody integrations and market data pipelines.
Security professionals: White-hat hackers, DevSecOps engineers and auditors to safeguard RWA protocols against exploits.

Recruiters in the crypto space report that these roles command premiums, as the pool of candidates with both traditional finance and DeFi credentials remains limited. For organisations looking to hire, partnering with a blockchain recruitment agency or web3 recruitment agency can accelerate candidate sourcing and ensure proper vetting.

21Shares’ Strategic Move

21Shares has been a pioneer in launching regulated crypto products; it already manages ETFs tracking Bitcoin and Ether in Europe. By filing for the 21Shares Ondo Trust, it signals confidence in the maturation of DeFi token markets and regulatory engagement in the US. Key advantages for investors include:

Regulated structure reducing custodial and counterparty risks.
Access to high-growth tokenised asset classes without direct wallet management.
Alignment with institutional investment mandates and compliance frameworks.

Should the SEC approve the product, it could unlock a new wave of institutional capital into RWA tokenisation, reinforcing the demand for skilled professionals across compliance, smart contract development, treasury operations and risk management.

Market Reaction and Outlook

ONDO’s price has corrected since its all-time high in December, but the token remains integral to Ondo Chain’s utility model, powering governance, staking and fee mechanisms. Market commentators note:

Short-term volatility around ETF approval announcements and macro sentiment.
Long-term growth tied to adoption of tokenised RWAs by asset managers and custodians.
Competitive dynamics as more protocols vie for institutional market share in tokenisation.

From a talent perspective, the success of products like the 21Shares Ondo Trust will likely drive hiring surges across functional roles. Firms will need cryptocurrency recruiter expertise to identify and secure candidates who can navigate both the DeFi rails and regulatory rails in parallel.

Positioning for a Tokenised Future

The filing of the 21Shares Ondo Trust prospectus marks another milestone in the convergence of traditional finance and decentralised protocols. As tokenised real-world assets move from pilot to production scale, the industry must fill critical gaps in talent:

Developers building compliant token standards and interoperable bridges.
Legal teams drafting token prospectuses, ATS filings and transfer agent agreements.
Risk and audit professionals ensuring robust controls across smart contracts and custody flows.

For candidates, this means opportunities to pioneer the next frontier of digital asset markets. Whether you’re a specialist in RWA tokenisation, a blockchain recruiter or a full-stack web3 engineer, the tokenised economy is recruiting at pace. Now more than ever, partnering with a seasoned web3 recruiter can help align your career trajectory with the projects defining finance’s on-chain evolution.

Key Takeaways for Recruiters and Job Seekers

ETF filings for DeFi tokens pave the way for institutional on-chain exposure and increased regulatory scrutiny.
Ondo Finance’s focus on RWA tokenisation creates specialised roles in compliance, engineering and operations.
High-profile endorsements by entities like World Liberty Financial signal growing mainstream interest.
A robust pipeline of talent with dual expertise in traditional finance and DeFi is critical for success.
Engaging with a crypto recruitment agency or blockchain headhunter accelerates access to top candidates.

As the tokenised economy expands, both hiring managers and professionals must stay ahead of regulatory shifts, technical advances and market developments. The 21Shares Ondo Trust is more than an ETF prospectus—it’s a beacon signalling the institutional embrace of DeFi’s tokenisation potential, and a clarion call for talent ready to build and govern this new financial paradigm.