ETF issuer Franklin Templeton issued $332 million worth of U.S. treasury tokens with its On-Chain U.S. Government Money Fund.
The market capitalization of tokenized United States Treasurys grew from $114 million in January 2023 to $845 million by December.
With traditional finance companies on board, tokenized Treasurys in the United States witnessed a growth spurt of 641% in 2023, according to digital asset data tracker CoinGecko.CoinGecko said that in 2023, tokenized Treasurys went from $114 million in January to $845 million by the end of the year. This shows that blockchain-based digital tokens representing U.S. Treasury securities gained a 641% growth within a year.
Tokenized securities are digital tokens backed by RWAs like stocks and bonds. For example, the Ondo Short-Term US Government Bond Fund uses the OUSG token to represent ownership of a share of the fund and its yield.CoinGecko highlighted that asset management firm Franklin Templeton is currently the largest issuer of tokenized Treasurys. The company has issued $332 million worth of tokens with its On-Chain U.S. Government Money Fund, which accounts for 38.6% of the market.
Tokenized U.S. Treasurys are primarily based on the Ethereum network. In the report, CoinGecko noted that 57.5% of the tokens are on Ethereum. Meanwhile, companies like Franklin Templeton and WisdomTree Prime have issued tokenized securities on Stellar, giving the network 39% of the market.While tokenized treasuries blew up in 2023, growth slowed down in 2024. In January 2024, tokenized treasuries only grew by 1.9%. As of Feb. 1, they have a market capitalization of $861 million.
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