IVVon Takes the Top Spot Ondo Finance's $IVVon has become the largest tokenized ETF by market capitalization, pulling ahead of rivals at a time when demand for onchain traditional finance pro
Ondo Finance's $IVVon has become the largest tokenized ETF by market capitalization, pulling ahead of rivals at a time when demand for onchain traditional finance products is accelerating. IVVon wraps BlackRock's iShares Core S&P 500 ETF into a blockchain-native token, with approximately $70M of its market cap sitting on Ethereum.
That figure is more than triple where IVVon started the year, when its market cap hovered around $22M. According to @OndoFinance, the asset now accounts for roughly 12% of the total tokenized ETF market. It has moved ahead of its closest competitors, IBITon at $47.8M and SPYx at $47.6M.
Each token is backed 1:1 by shares of BlackRock's IVV, and daily attestations verify that the underlying assets match the tokens in circulation.
The rise of $IVVon reflects a broader buildout across the Ondo platform. By mid-2026, Ondo Global Markets had grown to more than 440 tokenized US stocks and ETFs, spread across Ethereum, Solana, and BNB Chain.Cumulative trading volume on the platform has surpassed $9B, with tens of thousands of holders globally, the majority of whom sit outside the US.
The platform has also introduced new infrastructure to support that growth. Ondo launched 24/7 instant minting and redemption for tokenized US stocks and ETFs in June 2026, enabling eligible users to mint and redeem at any time, including weekends and US public holidays. On the regulatory front, in July 2026, Oasis Pro Markets received FINRA authorizations to offer a broader range of tokenized equities and funds to US investors under applicable securities-market oversight.
The broader tokenized ETF market has also expanded sharply. IVVon helped push the broader tokenized ETF category from around $430M in May to beyond the $500M mark. The momentum signals that tokenized representations of traditional financial assets are moving from a niche experiment toward a more established corner of decentralized finance.
SourcesCrypto Briefing: ONDO Finance's IVVon becomes largest tokenized ETF with $70M market capOndo Finance Official Blog: Ondo Launches First 24/7 Minting and Redemption for Tokenized StocksCrypto Briefing: Tokenized ETFs surpass $500M in market cap, led by Ondo Finance
