What do tokenized US Treasuries adoption stats tell us about the sector?
It’s been 4 months since I published research on why tokenized US Treasuries took off ?and how BlackRock was future-proofing its asset management business . What has been happening in the meantime in this tokenization vertical??
Well in short it has grown 100% YTD. And here are the 3 key trends about its growth:
Let’s look at these in detail.
Tokenized US Treasuries Outperformance
Tokenized cash or stablecoins are the biggest tokenized asset group by orders of magnitude. You can read more about the history ?and breakdown ?of the category here.
Let’s zoom in on their numbers. Below shows stablecoin growth since 2021 according to DefiLlama .?
It has grown from $130B to $168B today, almost 30% YTD growth. For an asset class that is over $100B in size, that is pretty impressive.
According to Coinbase’s Q2 State of Crypto ?report, the top asset sectors, excluding stablecoins, are tokenized US Treasuries and Commodities. See chart below.
Tokenized commodities mostly consist of tokenized gold and have more or less stayed flat according to 21.co . It was at $950M at the start of 2024, and it is now at around $1B, an increase of 4%.
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In comparison, tokenized US Treasuries has been growing much faster.
From $870M at start of 2024 to $1.68B (excluding double-counting) as of 19th Aug 2024, the sector grew by 100% in 8 months, outpacing even tokenized cash, the only established meaningful adoption use case for tokenization.
So what do these data point towards?
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Founder at Syndicate X | AI Automation & Crypto Payments
3 个月2014 Tokenization Review ??
Founder / CMO @ Sphinx (Commodities Exchange)
3 个月It's interesting to see how quickly this market is evolving and how new products are being tailored to meet investor needs. As the founder of an "RWA" project myself, I have seen the industry wide push for new tokenized and derivative financial instruments. Can't wait to dive into the full research. Thanks for sharing Harvey L. ??
Building Tokenization Insight | GTM Research & Content | Follow to learn. DM to partner | I write about tokenization adoption trends & help tokenization projects avoid pitfalls
3 个月True or False. Tokenized US Treasuries are the first step to the eventual full and complete integration of tokenized and traditional financial services markets.