Ondo Tokenizes BlackRock IVV ETF and Micron Shares Under U.S. Regulatory Framework

Ondo Finance on July 2, 2026, deployed the first tokenized U.S. securities to operate entirely within the domestic regulatory perimeter, issuing blockchain-based entitlements to BlackRock's iShares Core S&P 500 ETF (IVV) and Micron Technology (MU) shares on Ethereum — with Broadridge Financial Solutions providing proxy voting and shareholder communications through its ProxyVote.com platform for token holders.

The structure follows the custodial model the SEC described in its January 2026 staff statement on tokenized securities, in which a third party holds an issuer's securities in traditional U.S.-regulated custody and mints one-for-one blockchain-based entitlements representing the holder's claim on the underlying asset. Ondo's SEC-registered transfer agent subsidiary, Oasis Pro TA, performs the minting function on Ethereum. The Ondo Finance official announcement describes this as the first production deployment of third-party tokenized U.S. securities operating within the existing regulatory framework — distinct from prior offshore structures that held underlying assets outside U.S. jurisdiction.

Broadridge's integration is central to the governance architecture. Token holders will access proxy voting and receive regulatory disclosures through Broadridge's ProxyVote.com platform, giving them the same shareholder rights as holders of conventional securities. The arrangement applies to both what Ondo terms "custodial" tokenized securities — where actual shares back each token — and synthetic structures, providing a unified communications and voting experience across both models.

The launch carries regulatory significance because it is the first time a third party has tokenized U.S.-listed securities domestically rather than routing the structure through an offshore entity. Prior tokenized equity products, including those offered by Ondo's own Ondo Global Markets platform, were structured outside the United States. According to CoinDesk's reporting, the IVV and MU tokens are the first production deployments under the SEC's January 2026 custodial framework. The SEC's written input from Ondo Finance, submitted to the agency in December 2024, had already outlined the company's proposed approach to compliant domestic tokenization.

A comparable precedent arrived shortly before this launch. According to CoinNews, Backpack Securities and Sunrise used a similar custodial model for SpaceX's tokenized stock, SPCX, which went live on the Solana blockchain the same day it appeared on Nasdaq — approximately one week before Ondo's MU token issuance. The Ondo deployment differs in that it operates on Ethereum and explicitly invokes the SEC's January 2026 staff statement as its regulatory basis, with a registered transfer agent subsidiary handling minting.

Ondo previously described itself as the leader in tokenized securities by total value, having tokenized assets across more than 430 stocks and ETFs outside the United States through Ondo Global Markets. The Ondo Global Markets expansion covered three chains and included more than 173 additional tokenized stocks and ETFs added to that platform. The domestic IVV and MU deployment is separate from that offshore product line and represents the company's first U.S.-jurisdiction issuance.

The product is not currently available to U.S. investors. Eligibility is limited to non-U.S. participants who meet applicable requirements, consistent with how Ondo has structured access to its tokenized securities products generally. The Ondo Global Markets eligibility documentation outlines the access restrictions that apply across its tokenized securities offerings.

The timing of the announcement — two days before July 4, 2026 — coincides with a period of active legislative and regulatory movement on digital assets in the United States, though the press release does not reference any pending legislation as a direct catalyst for the launch.

What remains unclear: Ondo finance

The announcement does not disclose the total value of IVV and MU tokens minted at launch, the number of eligible investors who have subscribed, or the fee structure applied to token issuance and redemption. It does not identify which custodian holds the underlying IVV and MU shares, nor does it specify the settlement timeline between token transactions and corresponding movements in the underlying custody account. The press release does not state whether Ondo intends to expand the domestic custodial model to additional securities, or on what timeline. The specific contractual terms of the Broadridge integration — including any revenue-sharing arrangement — are not disclosed.

What the July 2 announcement concretely establishes is that Ondo, through Oasis Pro TA, has minted live tokenized entitlements to IVV and MU shares on Ethereum under the SEC's January 2026 custodial framework, with Broadridge providing governance infrastructure for token holders. It does not establish that U.S. investors can access the product, that the SEC has formally approved the structure, or that the custodial model has been tested through a full redemption or corporate-action cycle in a live market environment.