Ondo Finance has launched tokenized versions of BlackRock’s iShares Core S&P 500 ETF and Micron Technology shares on Ethereum, introducing a U.S.-focused model for tokenized securities. The assets, tied to IVV and MU, represent the first live implementation of Ondo’s third-party tokenization framework within the United States regulatory perimeter.
The structure keeps the underlying securities inside traditional U.S. custody infrastructure, rather than moving them offshore or requiring direct sponsorship from the original issuer. The Ethereum-based tokens represent holder rights to shares that remain settled and stored through conventional regulated market rails.
Ondo Uses Existing Market Infrastructure for Tokenized Securities
Ondo partnered with Broadridge Financial Solutions and Oasis Pro to support the launch, with Oasis Pro serving as a registered transfer agent. The architecture follows a framework highlighted by the SEC in early 2026, allowing traditional custody arrangements and blockchain-based ownership representations to operate alongside one another.
The selection of IVV and Micron points to a focus on liquid, widely recognized market exposure. IVV offers broad S&P 500 ETF exposure, while Micron adds a single-name equity component, giving the initial rollout both index-linked and corporate-share representation.
By keeping the underlying assets within existing custodial systems, Ondo is attempting to bridge public blockchain transparency and U.S. compliance requirements. The model differs from earlier tokenization approaches that relied more heavily on offshore structures or issuer-specific arrangements.
U.S. Launch Extends Ondo’s Tokenized Markets Strategy
The launch builds on Ondo’s existing Global Markets platform, which has already supported the tokenization of hundreds of non-U.S. stocks. The new domestic structure reflects a deeper push into U.S.-aligned tokenized securities rather than only international market access.
Ondo CEO Ian De Bode said the milestone shows multiple tokenization models can operate legally in the U.S., rather than forcing the industry into one framework. That framing positions the launch as part of a broader regulatory and infrastructure debate over how onchain securities should be issued, custodied and transferred.
The move also comes as competition in tokenized securities continues to build, with platforms such as Securitize and Robinhood exploring onchain share representation. Ondo’s U.S.-specific approach emphasizes custodial continuity, a priority for institutional participants that require alignment with domestic oversight.
The products are now live on Ethereum and are backed 1:1 by the underlying securities held in custody. Their long-term scalability will depend on secondary market liquidity, institutional uptake and the continued evolution of SEC guidance around digital share classes and third-party custody for tokenized instruments.