More than US$1 billion in United States Treasury bonds are currently tokenized in block chains public, according to a survey shared by the company 21.co. The asset management firm is responsible for controlling spot bitcoin exchange-traded fund (ETF) provider 21Shares.
Tokenized US Treasury bonds recently reached this huge milestone ($1 billion in AUM) on public blockchains including Ethereum (ETH) and Polygon (MATIC). 21.co data analyst Tom Wan commented on this milestone on March 27th.
“It happened, a total of $1 billion in US Treasury bonds tokenized on public blockchains,” he wrote. “Blackrock’s BUIDL increased by 400%, going from 40 million to 240 million supplies in one week,” he added.
“Ondo Finance is currently the largest holder of BUIDL, holding 38% of the total supply. Now the Ondo OUSG is fully supported by BUIDL”, he highlighted.
Just happened, $1B Total Tokenized US Treasuries on Public Blockchains
Blackrock's BUIDL increase by 400% from 40M to 240M supply in a week@OndoFinance is now the largest holder of BUIDL, holding 38% of the total supply. Now Ondo's OUSG is fully backed by BUIDL https://t.co/RCl8WIq97A pic.twitter.com/DDRgpmlalN
— Tom Wan (@tomwanhh) March 27, 2024
Data contained on 21.co's Dune Analytics dashboard shows that tokenized government bonds are responsible for managing $1,07 billion in assets across 17 products. This amount represented an increase of more than 20% over the past week.
Franklin Templeton's US government tokenized monetary fund (BENJI) on the Polygon and Stellar blockchains is the niche leader, recording a 33,6% market share. This stake is equivalent to US$360,2 million in assets.
21.co's data analyst still highlighted recently that the rise of Blackrock's BUIDL could fuel a growth in the tokenized US Treasury bond market.
“Blackrock’s BUIDL increased 45% ($50 million) on March 26, from $110 million to $160 million. With the growth of BUIDL, we are likely to see a $1 billion tokenized US Treasury bond market very soon,” he stated.
