S&P 500 · SEC · The Block
Ondo tokenizes BlackRock’s IVV ETF and Micron stock under US custodial model
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Ondo Finance expanded its U.S. footprint on Thursday with the launch of tokenized versions of BlackRock's iShares Core S&P 500 ETF (IVV) and Micron (MU) shares under the third-party custodial framework outlined by the SEC in January.
Key facts
- s data, the tokenized equities sector reached a market capitalization of $5.5 billion as of June 8, up roughly 147% from $2.23 billion at the start of the year
- Under the model, the underlying shares remain in the conventional U.S. custody chain, while Oasis Pro TA, Ondo's SEC-registered transfer agent subsidiary, mints corresponding tokens backed 1:1
- Ondo Finance expanded its U.S. footprint on Thursday with the launch of tokenized versions of BlackRock's iShares Core S&P 500 ETF (IVV) and Micron (MU) shares under the third-party custodial
- Today's milestone shows they can tokenize securities in ways that meet both market and regulatory requirements, for U.S. and global investors and provides a strong foundation for their expanding access
Summary
The launch marks the first time a third party has tokenized U.S.-listed securities on a public blockchain while operating within the existing U.S. regulatory and market infrastructure, according to Ondo adding that such products previously operated offshore or relied on issuer sponsorship on an individual basis. In its January guidance on tokenized securities, the Securities and Exchange Commission described a structure in which a third party holds the underlying securities and issues crypto assets representing an investor's entitlement to those holdings. Under the model, the underlying shares remain in the conventional U.S. custody chain, while Oasis Pro TA, Ondo's SEC-registered transfer agent subsidiary, mints corresponding tokens backed 1:1 by the securities.