LIVEđ„Boom! $1 Billion Worth of U.S. Treasury Assets Now Tokenized on Public Blockchains!đ”
New data from 21.co, the company behind popular bitcoin ETF provider 21Shares, reveals a groundbreaking milestone: More than $1 billion worth of U.S. Treasuries are now tokenized on public blockchains like Ethereum and Polygon.
According to 21.co's Dune Analytics dashboard, these tokenized government securities now manage a whopping $1.07 billion across 17 different products, marking a remarkable 20% increase in just the past week.
Leading the pack is Franklin Templeton's tokenized U.S. Government Money Fund, represented by the BENJI token on platforms like Polygon and Stellar. With a 33.6% market share, this fund boasts $360.2 million in assets and has been a pioneer in the field, launching back in 2021.
Not to be outdone, BlackRock's latest offering, the "BUIDL" fund, has surged to capture 22.8% of the market in just one week, managing an impressive $245 million in assets, seeing a jaw-dropping 400% growth, up from $40 million to $240 million in just a week.
This fund, as per U.S. Securities and Exchange Commission filings, invests in U.S. Treasury bills, repurchase agreements, and cash, offering a stable value of $1 per token and paying dividends to qualified investors in U.S. dollar yield tokens.
Analysts at Bernstein hailed BlackRock's move, emphasizing its contribution to legitimizing public blockchains like Ethereum over private chains.
Other players in the tokenized fund market include Mountain Protocol, Ondo Finance, Matrixdock, Hashnote, and Backed Finance, with Ethereum being the primary blockchain of choice, although platforms like Stellar, Polygon, Avalanche, Gnosis, and Base are also utilized.
OndoFinance also now holds the largest share of BUIDL, accounting for 38% of the total supply and its OUSG is fully backed by BUIDL.
The tokenization of US Treasuries represents a significant shift in the financial landscape, bringing greater accessibility and efficiency to traditional assets through blockchain technology.
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