ONDO Finance’s IVVon becomes largest tokenized ETF with $70M market cap

Ondo Finance’s IVVon, a tokenized wrapper for BlackRock’s iShares Core S&P 500 ETF, has reached approximately $70 million in market capitalization. This growth represents a tripling of value since the start of 2026, when the tokenized asset held roughly $22 million. Primarily operating on the Ethereum blockchain, IVVon now accounts for approximately 16% of the total $430 million tokenized ETF market. The product functions by backing each token 1:1 with IVV shares, with daily attestations verifying the underlying assets. Dividends are automatically reinvested into the underlying ETF, increasing the shares-per-token ratio for holders over time. While initially restricted to non-US investors, Ondo launched a separate SEC-compliant model in July 2026 to accommodate American participants. This milestone highlights the accelerating institutional and retail demand for onchain traditional finance products. The broader Ondo Finance platform has also surpassed $1 billion in total value locked as of August 2026.