Broadridge and transfer agent Oasis Pro support a new framework that adheres to U.S. market regulations, following the SEC's custodial model.
By Krisztian Sandor|Edited by Nikhilesh De Jul 2, 2026, 2:16 p.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Ondo Finance CEO Ian de Bode (Ondo Finance) SummaryShow- Ondo Finance introduces its first use of the SEC's third-party custodial tokenization model established earlier this year.
- BlackRock's IVV ETF and Micron shares are the initial securities tokenized under U.S. regulations rather than an offshore arrangement.
- Oasis Pro serves as the transfer agent, while Broadridge manages proxy voting and shareholder communications for token holders.
Ondo Finance ONDO$0.3302 has launched tokenized versions of BlackRock's iShares Core S&P 500 ETF (IVV) and Micron Technology (MU) shares within a framework that complies with the current U.S. securities regulations, based on the SEC's recent guidelines for third-party tokenized securities.
On Thursday, the company announced that these tokenized securities are issued on Ethereum via Oasis Pro TA, a transfer agent registered with the SEC that Ondo acquired last year. Broadridge (BR) will manage proxy voting, regulatory disclosures, and shareholder communications, ensuring that token holders retain the same governance rights as conventional investors.
However, the product is not yet accessible to U.S. investors.
Ondo claims it is the first operational application of the SEC's custodial tokenization model, utilizing two securities to illustrate that blockchain-based securities can conform to the existing U.S. regulatory and custody framework.
"Ondo has established the regulatory, product, and service infrastructure to support all major models within the United States," stated Ian De Bode, CEO of Ondo Finance.
He added, "This milestone demonstrates our ability to tokenize securities in accordance with market and regulatory standards, benefiting both U.S. and global investors and providing a solid foundation for broadening access to on-chain investments for more U.S. investors."
Tokenization, which involves creating blockchain representations of traditional assets, is rapidly gaining traction as it merges digital assets with conventional finance. Proponents argue that it can transform capital markets by enabling quicker settlements, 24/7 trading, and simplified asset transfers across financial platforms. A Citi report forecasts that the market for tokenized securities might reach a size of $5.5 trillion by 2030.
Discussion on Tokenization Models
This launch follows the SEC's January staff statement regarding tokenized securities, which delineated how a third-party custodial model could align with existing securities laws. Although SEC staff statements do not carry the full authority of formal guidance approved by the agency's commissioners, they do provide insight into the regulator's perspective on tokenization.
In this model, a regulated intermediary holds the physical shares in custody and issues blockchain-based tokens representing the holder's rights to those assets. This contrasts with issuer-sponsored tokenization, where the security's issuer is involved in the process.
The SEC's guidance coincided with an ongoing debate about whether tokenized stocks issued without the issuer's participation confer the same rights as traditional shares. This topic gained prominence when OpenAI stated last year that it did not authorize Robinhood's tokenized stock offering tied to its shares, cautioning that the tokens did not represent equity in the company.
In Ondo's model, the underlying IVV and Micron shares remain within the traditional U.S. custody chain, while Oasis Pro TA mints corresponding tokenized entitlements on Ethereum (ETH). Regulated custodians maintain custody of the underlying securities, with existing broker-dealer, transfer agent, and custody controls enforcing transfer limitations. Broadridge's integration allows token holders to access shareholder communications, proxy materials, and voting rights through its established investor services infrastructure.
This development occurs as tokenized equities gain traction in both the cryptocurrency and traditional finance sectors. Recently, Robinhood introduced its own blockchain and extended tokenized stocks beyond Europe, while the Depository Trust & Clearing Corporation (DTCC) has expanded its blockchain infrastructure and exchanges, with initiatives from both Nasdaq and the New York Stock Exchange (NYSE) to incorporate blockchain technology into regulated securities markets.
According to the company, Ondo has emerged as a leading tokenized securities platform outside of the U.S., boasting over $1 billion in tokenized stocks and ETFs across more than 430 securities.
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