BlackRock’s BUIDL Fund Leads Tokenized Asset Market

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As an experienced financial analyst, I’m closely monitoring the developments in the tokenized assets market with a particular focus on the recent milestone achieved by BlackRock’s BUIDL fund. Having followed this space for years, I can attest to the rapid growth and innovation that has taken place in this emerging sector.

As a crypto investor, I’m excited to share that BlackRock’s newly launched tokenized asset fund, BUIDL, has taken the lead in just six weeks, surpassing Franklin Templeton’s similar offering. With a deposit sum of $375M, this innovative fund leverages blockchain data from rwa.xyz and operates on the Ethereum network. Utilizing treasury bills, repo agreements, and cash, BUIDL now holds approximately 30% of the market share since its debut on March 21.

In contrast to the past week, Franklin Templeton’s BENJI token experienced outflows totaling approximately $368 million less. This development reinforces its market leadership role and establishes the exchange-traded product as a pioneer and driving force for the rapid mainstreaming and expansion of tokenized intellectual property.

As a researcher, I’ve noticed an interesting development in the world of on-chain money market funds. Specifically, Blackrock’s BUIDL has surpassed Franklin Templeton’s BENJI (FOBXX) in terms of assets under management (AUM), making it the largest player in this space.

— Tom Wan (@tomwanhh) April 30, 2024

The market for tokenized assets is expansive, and currently, the value of US sovereign bonds on blockchains like Ethereum, Polygon, and Solana exceeds $1.2 billion. According to Boston Consulting Group’s predictions, the potential economic impact of blockchain-based tokenization platforms could reach an astounding $16 trillion by 2030. This underscores the significant influence that this burgeoning technology may have on the economy.

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2024-05-01 03:32