Trends
Over $1B in US Treasurys have now been tokenized on-chain
The new milestone was reached shortly after the launch of BlackRock’s first tokenized asset fund — BUIDL, which joined 16 other tokenized government securities funds last week. About BUIDL More than $1 billion worth of United States Treasurys now exist across Ethereum, Polygon, Solana, and other blo…
Headline
The new milestone was reached shortly after the launch of BlackRock’s first tokenized asset fund — BUIDL, which joined 16 other tokenized government securities funds last week. About BUIDL More than $1 billion worth of United States Treasurys now exist across Ethereum, Polygon,…
Context
The new milestone was reached shortly after the launch of BlackRock’s first tokenized asset fund — BUIDL , which joined 16 other tokenized government securities funds last week. More than $1 billion worth of United States Treasurys now exist across Ethereum, Polygon, Solana, and other blockchains, helped in part by the recent launch of the BlackRock USD Institutional Digital Liquidity Fund.
Evidence
Pending intelligence enrichment.
Analysis
BlackRock’s product, tickered “BUIDL,” was launched on Ethereum on March 20 and now boasts a market cap of $244.8 million. According to Etherscan, four transactions to the fund totaling $95 million over the week added a boost to the fund, making it the second-largest tokenized government securities fund. Also read: UBS launches Hong Kong’s first tokenised warrant The most recent $79.3 million deposit to BlackRock’s fund was made by real-world asset tokenization firm Ondo Finance, which will allow instant settlements for its own U.S. Treasury-backed token, OUSG. The firm made a total of $95 million in deposits across four transactions, according to Etherscan. Ondo Finance now owns a 38% share in BUIDL, noted Tom Wan, a research strategist at 21.co in a March 27 X post.
Key Points
- Over $1 billion worth of United States Treasurys are now tokenized across Ethereum, Polygon, Solana, and other blockchains, with BlackRock’s BUIDL product leading the way with a market cap of $244.8 million.
- The recent launch of the BlackRock USD Institutional Digital Liquidity Fund has seen significant deposits, totaling $95 million, contributing to its position as the second largest tokenized government securities fund behind Franklin Templeton’s FOBXX.
- Tokenized government treasuries are gaining traction as an appealing investment option compared to stablecoin yields, with BlackRock CEO Larry Fink advocating for blockchain tokenization to enhance capital market efficiency in a market estimated to reach $16 trillion by 2030.
Actions
Pending intelligence enrichment.
