This week, 21.co’s onchain data analyst Tom Wan presented figures revealing that tokenized U.S. Treasury bonds on public blockchains have surpassed the $1 billion mark. The analyst highlighted that Blackrock’s BUIDL experienced significant growth of 400%, escalating from $40 million to $240 million within a span of a week.
Tokenized US Treasury Bonds Hit $1 Billion Milestone on Public Blockchains
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The Rise of Tokenized Real-World Assets
The process of tokenizing real-world assets ( RWA) has captured significant attention in the latter months of 2023 and into 2024. Tom Wan, a data analyst with 21.co, part of 21shares, disclosed on March 27 that the tokenized U.S. Treasury bills on public blockchain platforms have now exceeded $1 billion. According to data tracked on Dune Analytics by 21.co, there’s currently $1.103 billion in tokenized government bonds available onchain. A recent Coingecko RWA study indicates that tokenized Treasury products grew 641% in 2023.
There are 17 different tokenized government security offerings in the market, with Franklin Templeton‘s BENJI leading the pack in terms of assets under management (AUM). As of now, BENJI boasts an AUM of approximately $360.19 million, spread across the Stellar and Polygon blockchain networks. Following closely, Blackrock‘s BUIDL holds the second spot with $274.80 million in AUM, situated on the Ethereum blockchain network. Wan highlighted in his post on X that BUIDL’s value expanded by 400% within a single week.
Other notable names in the sphere of tokenized government assets include Mountain Protocol and Ondo Finance, with Matrixdock rounding out the leading six with an AUM of about $46.77 million. “[Ondo Finance] is now the largest holder of BUIDL, holding 38% of the total supply,” Wan remarked. “Now Ondo’s OUSG is fully backed by BUIDL.” The fusion of traditional finance and blockchain technology, as evidenced by the growing volume of tokenized Treasury bills, is seemingly heralding a new era in RWA management.
How do you feel about tokenized U.S. Treasury notes reaching $1 billion in assets under management? Share your thoughts and opinions about this subject in the comments section below.
