Tokenized exchange-traded funds now command a combined $430 million in onchain market capitalization, according to data from Token Terminal. The figure marks the first time the niche has crossed that threshold, driven largely by Ondo Finance's IVVon token, which has grown roughly 150% over the past month on Ethereum.
The $430 million mark
Token Terminal's data tracks the market cap of tokens that represent shares in traditional ETF strategies. The $430 million figure is onchain market capitalization — the value of all tokens issued, based on their current price. That's not the same as assets under management, but it's a proxy for how much capital is flowing into tokenized fund products.
Ondo's lead
Ondo Finance's IVVon token is the clear frontrunner. The product has added about $150 million in onchain market cap over the past month, a 150% jump. IVVon runs on Ethereum, the dominant chain for tokenized real-world assets. Ondo hasn't commented on the growth, but the data suggests strong demand from DeFi users looking for yield-bearing exposure to U.S. Treasuries and other traditional assets.
The tokenized ETF sector remains small relative to the trillions in traditional ETFs, but the $430 million milestone shows traction. Token Terminal's data only captures onchain supply — the real test will be whether these products can attract significant off-chain capital from institutional investors. No new launches have been announced this week, but the rapid growth of IVVon is likely drawing attention from competitors and regulators alike.
