Coinbase Custody to Support 21Shares’ Groundbreaking Spot ONDO ETF Filing

In a landmark move for institutional crypto adoption, 21Shares has filed preliminary paperwork with the SEC for a spot ONDO ETF (ticker pending). The proposed '21Shares ONDO Trust' represents the first ETF targeting exposure to tokenized real-world assets (RWAs) through Ondo Finance's native token. Notably, Coinbase has been tapped as custodian for this innovative product, which would provide traditional investors with direct, unleveraged access to the growing RWA sector. This development signals accelerating institutional interest in blockchain-based asset tokenization and marks a strategic expansion of Coinbase's institutional offerings. The filing comes as RWA protocols have surged to $12.7B in total value locked (TVL) during 2025, with Ondo Finance emerging as a leader in treasury bond and institutional-grade asset tokenization. Market analysts suggest this ETF could open floodgates for similar products if approved, potentially creating new bridges between DeFi and traditional finance.

21Shares Files Spot ONDO ETF, Signaling Institutional Push into Tokenized RWAs

21Shares has filed a preliminary application with the SEC for a spot ONDO ETF, marking a pivotal moment in the convergence of decentralized finance and traditional markets. The proposed '21Shares ONDO Trust' WOULD track the native token of Ondo Finance, offering institutional investors direct exposure to real-world asset tokenization without leverage or speculative structures.

Coinbase will serve as custodian for the fund, which uses CME's ONDO Finance-Dollar Reference Rate for pricing. This move follows Ondo Finance's recent acquisition of an SEC-registered broker, accelerating its RWA infrastructure development.

Notably, World Liberty Financial—a DeFi platform with reported TRUMP family ties—has accumulated $383,000 worth of ONDO tokens. While currently a minor position in its $208 million portfolio, the allocation suggests growing institutional interest in RWA protocols beyond meme coin speculation.

PNC Bank Partners with Coinbase to Launch Crypto Services for Customers

PNC Bank has forged a strategic partnership with Coinbase, integrating the exchange's Crypto-as-a-Service platform to offer seamless cryptocurrency transactions. The collaboration enables PNC's retail clients to buy, hold, and sell digital assets directly through their existing bank accounts, eliminating the need for third-party exchanges.

The reciprocal agreement also designates PNC as a banking services provider for Coinbase. This dual-benefit structure positions PNC among the first major U.S. banks to implement institutional-grade crypto infrastructure at scale. Market analysts immediately responded by raising price targets for both entities following the announcement.

The MOVE signals accelerating institutional adoption, coming just days after JPMorgan's crypto-backed loan considerations. Traditional finance appears to be entering a coordinated phase of digital asset integration, with regional banks now actively competing in crypto service offerings.