As a seasoned researcher with a keen eye for emerging trends and a knack for deciphering market dynamics, I find OpenEden’s recent milestone of surpassing $100 million in Total Value Locked (TVL) for its tokenized U.S. Treasury Bills truly intriguing. The platform’s strategic partnerships with Ripple and Arbitrum, coupled with its deep market understanding and active engagement strategies, have undoubtedly played a significant role in its success.
The tokenization platform, OpenEden, has exceeded a total value lock of over $100 million for its tokenized U.S. Treasury Bonds.
On August 26th, OpenEden made an announcement that follows approximately three weeks after they disclosed their intention to introduce the initial T-Bills on the XRP (XRP) platform.
At the start of this month, Ripple declared plans to invest $10 million in OpenEden’s tokenized short-term U.S. government securities, which will debut on the XRP Ledger under the T-BILL name. Furthermore, OpenEden received a significant allocation from Arbitrum’s (ARB) decentralized organization treasury.
OpenEden hits $100m TVL
In less than a month following the achievement of $75 million in total value locked, the platform has now surpassed another milestone by reaching $100 million in total value locked. According to DeFiLlama’s data, the platform’s TVL was around $33 million at the beginning of June 2024.
In a recent blog entry, OpenEden credited its expansion to a thorough grasp of market dynamics and consistent interaction with DAO treasury administrators, web3 finance consultants, and cryptocurrency investment funds. These tactics have played a significant role in positioning the company as the leading emitter of tokenized U.S. T-bills across Europe and Asia.
Tokenized U.S. Treasuries market
As a crypto investor, I’ve been closely monitoring the tokenized U.S. Treasury securities market, and according to data from RWA.xyz, it currently hovers around the $2.02 billion mark. Among the top assets leading in terms of total value are the BlackRock USD Institutional Digital Liquidity Fund, Franklin OnChain U.S. Government Money Fund, Hashnote Short Duration Yield Coin, and Ondo U.S. Dollar Yield Coin. These assets have shown significant growth and seem to be worth keeping an eye on in this rapidly evolving market.
Despite a significant increase in the market’s growth, OpenEden posits that the current market value is still significantly lower than the potential market size for this asset class. As tokenization progresses and $26.2 trillion, equating to 30% of U.S. Treasury securities, becomes tokenized by the end of 2023, it’s clear that the market is broadening its scope.
As a researcher studying the digital asset market, I’m intrigued by the potential growth of on-chain exposure for tokenized assets like BlackRock’s BUIDL, Franklin’s FOBXX, and OpenEden’s T-BILL. By the close of 2024, these could potentially accumulate a market value exceeding $8 billion. Yet, it’s essential to note that this would only account for a minute fraction (0.1%) of the global value.
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2024-08-26 20:00