S&P 500 · SEC · Ethereum · CoinDesk
Ondo Finance ONDO $ 0.3277 launched blockchain-based versions of BlackRock's iShares Core S&P 500 ETF (IVV) and Micron Technology
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The company said Thursday the tokenized securities are issued on Ethereum through Oasis Pro TA, an SEC-registered transfer agent Ondo acquired last year.
Key facts
- A report by Citi projected that tokenized securities could reach $5.5 trillion market size by 2030
- Ondo emerged as one of the largest tokenized securities platforms outside the U.S., with more than $1 billion in tokenized stocks and ETFs spanning over 430 securities, according to the company
- Under Ondo's implementation, the underlying IVV and Micron shares remain within the traditional U.S. custody chain while Oasis Pro TA mints one-for-one tokenized entitlements on Ethereum (ETH)
- Ondo has built the regulatory, product, and service infrastructure to support all major models within the United States," Ian De Bode, CEO of Ondo Finance, said in a statement
Summary
Ondo Finance rolls out its first implementation of the SEC's third-party custodial tokenization model that the agency outlined earlier this year. BlackRock's IVV ETF and Micron shares are the first securities being tokenized under U.S. framework instead of an offshore structure. Ondo's transfer agent Oasis Pro handles issuance, while Broadridge provides proxy voting and shareholder communications to token holders. Ondo Finance ONDO $ 0.3277 launched blockchain-based versions of BlackRock's iShares Core S&P 500 ETF (IVV) and Micron Technology (MU) shares in a structure designed to operate within the existing U.S. securities system, based on the Securities and Exchange Commission's (SEC) staff statement for third-party tokenized securities in the U.S.