ONDO Finance’s IVVon, a blockchain-based token representing BlackRock’s iShares Core S&P 500 ETF (IVV), has reached approximately $70 million in onchain market capitalization, including roughly $69.86 million on Ethereum. The figure is more than triple its approximately $22 million market cap at the beginning of 2026; less than eight months later, it had reached $69.6 million and continued climbing. Each IVVon token is backed 1:1 by IVV shares, with daily attestations checking that the underlying assets match tokens in circulation. The product launched on July 31, 2025, and began active trading on November 1, 2025. It is primarily available on Ethereum, with additional presence on BNB Chain and Solana. Dividends are automatically reinvested, increasing the shares-per-token ratio instead of producing cash payouts. The token-equivalent price recently fluctuated between approximately $773 and $780. Non-US investors can mint and redeem shares around the clock. By May 2026, the tokenized ETF market had reached $430 million in onchain market capitalization, giving IVVon roughly a 16% share. ONDO Finance’s total platform value locked exceeded $1 billion by August 2026. In July 2026, the company also launched a separate model intended to comply with U.S. SEC (securities regulator) regulations, potentially allowing American investors previously excluded from IVVon to participate.