iShares Gold Trust (Ondo Tokenized Stock) 

IAUON Price

What is IAUON (iShares Gold Trust Ondo Tokenized Stock)?

IAUON is a tokenized equity issued by Ondo Finance under its Ondo Global Markets product line, giving on-chain holders 1:1 economic exposure to the iShares Gold Trust (IAU) — a BlackRock/iShares gold ETF backed by physical gold bullion. IAUON is an ERC-20 token on Ethereum that lets crypto users hold and transfer gold-ETF exposure without leaving a decentralized exchange. Each IAUON token corresponds to one real IAU share held with licensed U.S. custodial broker-dealers.

Which asset does the IAUON tokenized stock track?

IAUON tracks the iShares Gold Trust (IAU), a passively managed gold-backed ETF managed by BlackRock/iShares. IAU holds physical gold bullion in vaulted custody. Each IAUON token represents 1:1 economic exposure to one IAU share, so IAUON's price follows the IAU share price rather than the spot gold price directly. IAUON does not grant custody of the ETF or the underlying metal — only the price exposure packaged as a transferable ERC-20.

What backs IAUON's value?

Each IAUON token is backed 1:1 by a real IAU share held with licensed U.S. custodial broker-dealers. Ondo's registered transfer agent mints IAUON only against deposited IAU shares and redeems tokens by releasing the corresponding shares. The backing chain runs IAUON → IAU share → physical gold bullion. IAUON's value therefore derives from the underlying ETF holding rather than from protocol revenue, order-book depth, or market-making reserves.

How does IAUON's mint and redeem mechanism affect supply?

IAUON has no fixed maximum supply cap — the token is mint-on-demand because every token corresponds to a deposited IAU share. According to DropsTab data, total supply was approximately 126,280 IAUON as of August 2026, and the figure moves as users mint against new IAU shares or redeem tokens for the underlying. Every mint is fully collateralized, so supply expansion does not dilute existing holders. IAUON carries no inflationary emission risk in the traditional tokenomics sense.

What exchanges can I trade IAUON on?

Per DropsTab data, IAUON trades on a small set of venues: spot centralized-exchange listings on Gate and MEXC (both IAUON/USDT), plus a decentralized-exchange pool on Uniswap v3 (IAUON/XAUt). No derivative or perpetual markets are tracked. The venue count is small and should be treated as a floor that shifts as new listings appear. Liquidity risk applies — with only a handful of venues and a single on-chain pool, large trades can move IAUON's price materially.

Does owning IAUON mean owning IAU shares or physical gold?

Owning IAUON does not grant direct custody of IAU shares or physical gold. IAUON packages price exposure into a transferable ERC-20 wrapper; the underlying IAU share remains held by Ondo's custodial broker-dealers. Holders receive economic exposure to IAU's price action but do not receive the legal title, voting rights, or direct redemption-at-custodian access that a held ETF share carries. Tokenized equities also sit in a developing regulatory framework, which adds jurisdictional risk on top of underlying market risk.

Is IAUON available to U.S. investors?

Ondo structured the Global Markets product line primarily for non-U.S. retail and institutional distribution. IAUON targets users outside the United States seeking 24/7 on-chain access to American securities. The product sits in a developing legal framework for tokenized equities, and eligibility depends on the user's jurisdiction and each venue's compliance checks. DropsTab does not record geo-restriction data at the venue level, so users must confirm availability directly with the listing exchange.