ONDO Finance's IVVon Tops $70M Market Cap, Becomes Largest Tokenized ETF

ONDO Finance's IVVon, a blockchain-based wrapper of BlackRock's iShares Core S&P 500 ETF (IVV), has climbed to about $70 million in onchain market capitalization, making it the largest tokenized ETF to date. Roughly $69.86 million of that value sits on Ethereum. The token's market cap has more than tripled since the start of 2026, rising from around $22 million to about $69.6 million in less than eight months. IVVon tokens are backed 1:1 by shares of BlackRock's IVV, which tracks the 500 largest U.S. companies. Daily attestations are used to confirm the underlying holdings match the circulating token supply. The product launched on July 31, 2025, and began active trading on November 1, 2025. While IVVon is primarily issued on Ethereum, it also has a presence on BNB Chain and Solana. Dividends are automatically reinvested, gradually increasing the shares-per-token ratio. Rather than receiving cash distributions, holders see the token's underlying value rise as dividends are used to buy additional IVV shares. During the latest reporting window, the token's price equivalent has traded in a roughly $773 to $780 range. Non-U.S. investors can mint and redeem around the clock. The broader tokenized ETF market reached $430 million in onchain market cap by May 2026, with IVVon representing about 16% of the total. ONDO Finance's platform exceeded $1 billion in total value locked by August 2026. In July 2026, ONDO introduced a separate structure aimed at complying with U.S. SEC requirements, potentially expanding access to American investors previously excluded from IVVon under regulatory constraints.