New York Stock Exchange facade for a ProCoinNews article about Ondo tokenizing IVV and Micron shares on Ethereum.

Ondo Puts BlackRock’s IVV and Micron Onchain Inside the U.S. Regulatory Perimeter

By Isaac • July 2, 2026 12:01 pm • Comments

Ondo Finance announced on July 2 that it has taken tokenized U.S. securities live inside the existing American regulatory perimeter.

The first two products are BlackRock’s iShares Core S&P 500 ETF, ticker IVV, and Micron shares, ticker MU.

Ondo calls this the first live third-party tokenized U.S. securities solution operating within U.S. regulatory rules. To be clear, BlackRock and Micron did not issue these tokens.

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Ondo built the structure around their securities.

The underlying shares stay in the traditional U.S. regulated custody chain. Ondo’s registered transfer agent then mints tokens on Ethereum backed 1:1 by those securities, and regulated custodians hold them.

The design follows a model the SEC described in January 2026. In that framework, a third party holds an issuer’s securities and issues crypto assets that represent a holder’s entitlement to those securities.

That distinction is the whole point. Earlier tokenized-stock efforts often ran offshore or required issuers to sponsor each product one at a time.

Ondo is putting the plumbing on U.S. rails instead.

Ondo Finance laid out the mechanics of the launch in its July 2 release.

The company says IVV and Micron are the first production deployments of the SEC-described third-party custodial tokenization model in the United States. The release says the underlying shares stay inside the traditional U.S. regulated custody chain while Ondo’s registered transfer agent mints Ethereum-based tokens corresponding to those securities.

Ondo says the tokens are backed 1:1 by the underlying shares or ETF interests and held by regulated custodians. That is the core difference between this model and a loose offshore tracker that only gives economic exposure.

The release also says Broadridge will support proxy voting, issuer communications, and regulatory disclosures through ProxyVote.com. In practice, Ondo is trying to make tokenized securities look more like brokerage-held securities in the parts that matter: custody, records, governance, disclosures, and investor protections.

Ondo CEO Ian De Bode framed the launch as proof that tokenized securities can meet market and regulatory requirements for U.S. and global investors. That is the larger claim behind the product: tokenization can be built around existing market safeguards instead of outside them.

CoinDesk focused on the market-structure side of the announcement.

Its report says Ondo is using the SEC’s third-party custodial model rather than an offshore-only structure. CoinDesk identifies Oasis Pro as the transfer-agent piece handling issuance and Broadridge as the infrastructure provider for proxy voting and shareholder communications.

That matters because transfer agents and proxy systems are ordinary parts of public-market infrastructure. Bringing them into tokenized securities is how the product starts to look like a regulated capital-markets instrument instead of a crypto wrapper with a familiar ticker.

CoinDesk also highlights the choice of first assets. IVV is a broad-market ETF tied to the S&P 500, while Micron is a major U.S. semiconductor stock, so Ondo is testing the model with securities ordinary equity investors already recognize.

The report keeps the framing tight. Stocks have not suddenly all moved onchain; Ondo is testing one structure regulators have already described.

The Block placed the launch beside the broader tokenized-stock market.

Its report says the products are being issued under the third-party custodial framework the SEC described in January. The Block also reports that Ondo presented the launch as the first time a third party has tokenized U.S.-listed securities on a public blockchain while staying inside existing U.S. regulatory and market infrastructure.

That distinction separates this from two earlier lanes. Some tokenized-stock products have operated outside the United States, while other models have depended on issuer sponsorship one company at a time.

Here, the underlying shares remain inside conventional custody, and the blockchain layer records the tokenized entitlement. The Block’s reporting is careful on that point, which is where tokenized-stock coverage can get sloppy.

The practical result is narrower than a total remake of equities, but bigger than another exchange listing. It is a regulated test of whether public securities can move into Ethereum-based ownership rails without leaving the existing U.S. custody system.

Broadridge supplies the shareholder-rights background for the July 2 launch.

Its earlier release says Ondo tokenized-stock and ETF holders can access proxy voting, regulatory filings, and issuer communications. Broadridge says its Web3-enabled ProxyVote integration lets investors sign in with wallets, review materials, and act on governance items.

The feature carries real weight. Public-company ownership is more than price exposure, and tokenized-stock products have often struggled to mirror the communications and voting systems that traditional brokerage investors take for granted.

Broadridge says its systems process and generate billions of investor communications annually and underpin large volumes of traditional and tokenized securities activity. Adding that layer to Ondo’s U.S. custodial model gives the launch a governance component alongside the Ethereum issuance component.

That makes this a capital-markets story as much as a crypto story. The product is trying to connect tokenized ownership with the same paperwork, voting, and disclosure habits that make ordinary securities usable at scale.

None of this means unlimited U.S. retail access to tokenized IVV or Micron, and none of it is investment advice. The access rules still run through the regulated participants involved.

The bigger read is about direction. Tokenized securities are shifting from experiments into market plumbing, with transfer agents, regulated custodians, and proxy voting attached.

If that model holds up under U.S. rules, the next wave of assets coming on-chain will not need to leave the country to do it.

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