KEYTAKEAWAYS
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21Shares filed for an ONDO ETF, aiming to integrate RWA tokens into traditional finance via a fully backed, physically settled structure.
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Polygon’s stablecoin supply hit $2.8B, marking a three-year high as multichain upgrades and TradFi partnerships drive renewed liquidity.
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Sui-based MPC network Ika will launch its mainnet on July 29, introducing programmable coordination and gamified governance to the Layer 1 ecosystem.
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21SHARES FILES FOR ONDO ETF, ACCELERATING RWA COMPLIANCE
On July 22, 21Shares officially submitted an S-1 registration statement to the U.S. SEC to launch the “21Shares Ondo Trust” ETF, which would track the price of the ONDO token through physical holdings.
The ETF will fully hold ONDO tokens and use the CME CF Ondo Finance–Dollar Index for valuation, without leverage or derivatives, thereby improving transparency and regulatory safety. If approved, 21Shares would become the first issuer to incorporate an RWA token into an ETF structure—a milestone in integrating blockchain assets with traditional finance.
The filing also highlights the proactive compliance strategy of Ondo Finance, the project behind ONDO. The RWA-focused firm—specializing in tokenized U.S. Treasuries—recently acquired SEC-registered broker Oasis Pro and launched a $250M fund with Pantera Capital to accelerate institutional adoption. Triggered by the ETF news, ONDO saw a sharp price rebound and nearly $500M in 24h trading volume, indicating renewed market interest.
However, the ETF is not yet approved and remains outside the protections of the Investment Company Act of 1940, leaving its final outcome uncertain. This development is a key indicator of progress in bridging on-chain assets and traditional finance.
POLYGON STABLECOIN SUPPLY HITS $2.8B AMID MULTICHAIN GROWTH
The total stablecoin supply on Polygon has surpassed $2.8 billion, marking a three-year high. This growth reflects the network’s increasing capacity to attract liquidity and support DeFi, payments, and on-chain trading, especially amid intensifying competition in the multichain and L2 sectors.
With continued deployment of major stablecoins like USDC and USDT, Polygon’s liquidity structure has become more optimized, supporting more high-frequency, low-cost use cases.
Polygon is now entering the “Polygon 2.0” phase in 2025, with major components like the AggLayer mainnet and Bhilai hard fork going live to enable multichain interoperability and scalability. The network is also deepening partnerships with TradFi and Web2 institutions—Stripe and Franklin Templeton have already launched payments and fund products on Polygon.
The PoS chain remains a high-frequency arena for stablecoin and DeFi activity, and this new milestone in stablecoin supply highlights rising capital efficiency and market trust in Polygon’s infrastructure and multichain vision. With capital and applications returning, a new wave of ecosystem expansion may be underway.
SUI-BASED MPC NETWORK IKA TO LAUNCH MAINNET ON JULY 29
Sui ecosystem project Ika—a parallel multi-party computation (MPC) coordination network—has announced its mainnet will go live on July 29. Ika maintains a “crypto-native + anime” branding tone, using the tagline “your waifu’s coordination era begins” to position itself in DeFi gamification and community coordination.
It is among the first on Sui to implement MPC-based coordination, focused on multi-signature governance, permission control, and role assignment. Programmable MPC logic allows Ika to extend Sui’s smart contract capabilities and introduce a secure and granular coordination layer to L1 blockchains.
Since receiving strategic investment from the Sui Foundation in April, Ika has raised over $21M from investors such as dao5, Hashed, and HashKey Capital. Beyond technical infrastructure, Ika introduces innovative features like “character-bound tokens” that assign MPC roles to anime-style avatars, creating a more immersive user experience.
If the launch succeeds, Ika could become a core part of Sui’s ecosystem, combining security, user participation, and cross-chain coordination. It may also unlock new experimental use cases in DePIN, RWA, and multi-chain account management.
