IVVon, the tokenized version of BlackRock’s iShares Core S&P 500 ETF, has reached an on-chain market cap of approximately $70 million, becoming the world’s largest tokenized ETF. This valuation has more than tripled from roughly $22 million at the start of 2026. The token, backed 1:1 by IVV shares and launched on July 31, 2025, primarily circulates on Ethereum as well as BNB Chain and Solana. By May 2026, the entire tokenized ETF market had reached $430 million in on-chain market cap, with IVVon accounting for roughly 16 percent of that figure. ONDO Finance surpassed $1 billion in total value locked by August 2026.
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