In a joint move, DeFi protocol Ondo Finance and crypto venture firm Pantera Capital will invest $250 M in real‑world assets through a new vehicle called the Catalyst Fund.
The fund aims to buy equity stakes and tokens in projects that bring traditional instruments onto the blockchain. The effort reflects rising demand for tokenised stocks, bonds, private equity and real estate in the United States.
Ondo’s chief strategy officer, Ian De Bode, told Axios the investment comes amid friendly shifts in U.S. regulation and a growing push for round‑the‑clock market access.
New Catalyst Fund Drives RWA Investments
The Catalyst Fund will target startups that wrap traditional instruments such as bonds, stocks and private equity into digital tokens. Ondo Finance and Pantera Capital each plan to commit part of the $250 M pool to projects at early stages.
De Bode said the fund will take both direct equity positions and token allocations in emerging platforms that bridge DeFi and conventional finance.
Tokenisation Arms Race
“There is an arms race in tokenisation right now,” De Bode told Axios. He pointed to an influx of companies racing to issue tokenised stocks and ETFs.
Major exchanges are exploring listings that let traders buy digital shares and funds at any time of day. Firms see an edge in offering markets that never close and that cut out slow manual processes.
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Ondo’s Growing RWA Footprint
This newest push builds on a year of rapid growth for Ondo. In early 2025, the firm launched Ondo Global Markets, a service that gives crypto wallets and apps access to tokenised U.S. stocks, bonds and ETFs.
That platform opened the door for retail and institutional users to trade real‑world securities in crypto‑native environments.
Pantera Capital’s Role and Oversight
Pantera Capital adds deep venture experience to the partnership. The firm, led by founder Dan Morehead, has backed dozens of blockchain projects since 2013.
Its co‑investment in Ondo’s Catalyst Fund signals confidence in tokenisation across traditional finance. At the same time, a U.S. Senate committee is looking into whether Morehead used Puerto Rico tax breaks to dodge federal taxes.
The probe has not halted Pantera’s commitments but underscores growing scrutiny of large crypto funds.
Robinhood’s Synthetic Token Push
Just days before the Catalyst Fund announcement, Robinhood unveiled tokenised shares of OpenAI and SpaceX for its EU users. Those products are based on synthetic derivatives rather than actual shareholdings.
The move sparked debate over whether synthetic tokens offer the same legal and economic rights as true equity. De Bode said the Catalyst Fund will focus on tokens backed by real assets or equity, aiming to deliver transparency and legal clarity.
Regulatory Tailwinds in the United States
U.S. regulators have shown signs of easing rules around tokenised securities. New guidance from agencies like the SEC and CFTC has clarified how tokens can qualify as registered securities.
That clarity reduces legal risk for issuers and investors. Both Ondo and Pantera see the improved framework as a key reason to scale up their efforts now.
By pooling $250 M into the Catalyst Fund, Ondo Finance and Pantera Capital hope to lead the next leg of tokenisation growth. They believe a wave of startups will emerge to digitise more parts of the financial system.
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