Total market value of U.S. Treasury-backed tokens hits $4.2 billion high
The total market value of U.S. Treasury-backed tokens has grown by $800 million since the end of January, hitting an all-time high of $4.2 billion on Wednesday, according to rwa.xyz data. Short-term bond-backed OUSG and USDY tokens, products of real-world asset platform Ondo Finance (ONDO), climbed to a total value of nearly $1 billion, with market capitalisation soaring 53 per cent over the past month. BUIDL, a token jointly issued by asset manager BlackRock and tokenisation firm Securitize, has risen 25 per cent to more than $800 million in the same period. The value of asset manager Franklin Templeton's BENJI token expanded to $687 million, up 16 per cent, while Superstate's USTB reached $363 million, up more than 63 per cent. Brian Choe, head of research at rwa.xyz, said tokenised treasuries grew faster than stablecoins during the cryptocurrency downturn, which was seen as a ‘leap in quality’ as investors moved to safer, more profitable assets.
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