Finely dice the yellow onion and mince the garlic.
Melt the butter in a Dutch oven over medium heat. Add the onion, garlic, salt, and pepper; sauté until the onions are soft and translucent, about 8-10 minutes.
Stir in the tomato paste and cook for 1-2 minutes until it darkens slightly.
Add the crushed tomatoes and broth. Bring to a rolling boil, then reduce heat and let simmer for about 30 minutes.
Blend the soup until smooth using an immersion blender or a standard blender in batches.
Stir in the balsamic vinegar and adjust seasoning if needed.
Serve hot, garnished with croutons and grated Parmesan cheese.
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Notes
Store leftovers in an airtight container in the refrigerator for up to 4 days or freeze for up to 3 months.