The US tokenized Treasuries market cap surpassed $1.1 billion, registering a 61% growth in 2024’s first quarter, according to on-chain data platform rwa.xyz. BlackRock’s tokenized fund BUIDL played a significant role in this movement, adding $285 million to the sector in 20 days after its launch.
Each of BUIDL’s shares is worth $1, and it generates daily accrued dividends for qualified investors by investing in cash, US Treasury bills, and repurchase agreements. The yield is paid in new tokens each month. The fund now represents 25.2% of the US tokenized Treasuries market.
Despite BlackRock’s strong debut in this blockchain sector, Franklin Templeton’s OnChain U.S. Government Money Fund keeps its lead with 32% market share. However, its dominance has fallen by over 16% since BUIDL was launched.
Moreover, a shift in blockchain infrastructure dominance happened in Q1. Stellar surpassed Ethereum in January, propelled Franklin Templeton’s tokenized fund. However, since BUIDL shares are tokenized through Ethereum, the network now represents 62% of real-world assets represented digitally.
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