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RWA leader Ondo is sprinting towards ETF transformation! 21Shares has submitted an ONDO trust application to the US SEC.
The crypto ETF issuer 21Shares has submitted a registration statement for the "21Shares Ondo Trust" to the U.S. Securities and Exchange Commission (SEC), proposing to launch a passive exchange-traded fund (ETF) that directly holds ONDO tokens. This ETF aims to track the CME CF Ondo Finance-Dollar reference interest rate. The news has stimulated ONDO prices to rise 5.3% over 24 hours, with market capitalization surpassing $3.5 billion. If approved, it will become the first spot ETF anchored to a single token (not BTC/ETH), creating a new paradigm for institutional compliance to get on board.
ETF Core Structure: Directly Held Tokens + CME Benchmark Interest Rate According to the submitted preliminary prospectus, the 21Shares Ondo Trust has the following key features:
Regulatory Status and Risk Warning The ETF application is currently under SEC review and has not yet taken effect. Please pay attention to the following key information:
Market Reaction: ONDO rises against the trend, trading volume surges ETF application news triggers positive market response:
Industry Background: The Race for Single Asset ETFs Has Begun The move by 21Shares marks a new stage in the competition for encryption ETFs:
Conclusion: The application for the 21Shares ONDO Spot ETF is a key milestone in the evolution of crypto assets into mainstream financial instruments. Its structure of "direct holding token + CME benchmark + top-tier custody" provides a viable template for compliance and institutional-level entry for high-risk functional tokens. Despite facing strict scrutiny from the SEC regarding token attributes and the 1940 Act exemption, this move has significantly boosted market confidence in the RWA sector and ONDO tokens. If ultimately approved, it will completely change the liquidity landscape and valuation model of single tokens and may trigger a wave of ETF applications for other leading protocol tokens. Investors should closely monitor the SEC's review progress and potential changes in regulatory direction, as this case will serve as a litmus test for observing the tolerance of U.S. regulatory agencies towards innovative crypto financial products.