The market cap of tokenized ETFs has crossed the $500 million threshold, and one platform is responsible for the lion’s share. Ondo Finance controls approximately 66.4% of the space, making it the single largest player in a category that barely existed a year ago.
Ondo Global Markets launched in September 2025 with over 100 tokenized assets available on Ethereum. By mid-2026, that number had ballooned to more than 440 tokenized US stocks and ETFs, spread across Ethereum, Solana, and BNB Chain.
Cumulative trading volume on Ondo’s platform has surpassed $9B, with tens of thousands of holders globally, the majority of whom sit outside the US.
The catalyst for the most recent surge appears to be IVVon, Ondo’s tokenized version of a major ETF, which climbed roughly 150% in May 2026 alone. That single product helped push the broader tokenized ETF category from around $430M in May to beyond the $500M mark.
Ondo introduced 24/7 mint and redeem capabilities in June 2026. That feature lets users create or destroy tokenized shares at any time, not just during New York trading hours.
