Summary
Ondo Finance launched the first live tokenized US securities operating entirely within the country's existing regulatory perimeter, putting BlackRock's iShares Core S&P 500 ETF and Micron shares onchain on Ethereum. The model follows SEC's January 2026 custodial guidance: a regulated third party holds underlying shares, while a registered transfer agent issues blockchain tokens.
Key Facts
- Tokenized: BlackRock iShares Core S&P 500 ETF (IVV) and Micron Technology (MU) shares on Ethereum
- SEC January 2026 custodial model: regulated third party holds shares in traditional custody chain; registered transfer agent issues tokens
- Ondo uses Oasis Pro TA (SEC-registered transfer agent, Ondo subsidiary) for token issuance
- Broadridge Financial Solutions supplies proxy voting, issuer communications, regulatory disclosures
- Product NOT yet available to US investors despite being built around US framework
- Ondo Global Markets: $1B+ in tokenized stocks/ETFs across 430+ securities; recently expanded to BNB Chain
- SEC dropped Biden-era investigation into Ondo earlier this year
Why It Matters
Ondo and Securitize (same day) represent two competing models for US-regulated tokenized securities — Ondo's custodial model vs Securitize's issuer-sponsored model. Both operate under the SEC's January 2026 guidance, but neither is yet available to US retail investors. The race to bring tokenized equities to US consumers is now live.