ONDO Finance's IVVon Hits $70M Market Cap as Largest Tokenized ETF

ONDO Finance's IVVon has become the largest tokenized ETF in existence, reaching an onchain market cap of approximately $70M. This is more than triple its initial value at the start of 2026, when it hovered around $22M.

IVVon is a tokenized version of BlackRock's iShares Core S&P 500 ETF (IVV), which tracks the 500 largest US companies. Each token is backed 1:1 by shares of IVV and daily attestations verify that the underlying assets match the tokens in circulation.

The product launched on July 31, 2025, with active trading starting on November 1, 2025. It primarily lives on Ethereum but also has some presence on BNB Chain and Solana. IVVon reinvests dividends automatically, increasing the shares-per-token ratio over time.