Markets, Stablecoins, Real World Assets, Buidl, BlackRock, Treasury Growth comes from will increase in TVL on Ethena USDtb and BlackRock’s BUIDL.
Real-world belongings (RWAs) at the moment are a $10 billion class, in accordance with data curated by DeFiLlama, with Maker, BlackRock’s BUIDL and Ethena’s USDtb every accounting for greater than $1 billion in complete worth locked (TVL).
Of the three, USDtb — a stablecoin designed to distinction with Ethena’s USDe — has had the quickest progress, including over 1,000% in TVL within the final month.
USDtb is backed by tokenized BlackRock money-market fund shares whereas USDe makes use of crypto-assets and perpetual futures methods for crypto-driven yields.
CoinDesk previously reported that Treasury-backed tokens reached a document $4.2 billion market cap within the first quarter, pushed by progress in Ondo Finance’s OUSG and USDY tokens, BlackRock and Securitize’s BUIDL, Franklin Templeton’s BENJI and Superstate’s USTB.
Treasury-backed tokens dominate, in accordance with data aggregator RWA.xyz. The subsequent highest class, tokenized commodities, is available in at $1.26 billion, with Paxos Gold main with TVL of simply over $500 million.
Analysts say this displays investor choice for safer belongings amid bearish crypto sentiment, with T-bills outperforming what’s provided for yield with major DeFi protocols like Compound.
Read extra: RWA Tokenization: What Does It Mean to Tokenize Real-World Assets?
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