According to on-chain data platform rwa.xyz, the market cap of US tokenized Treasuries topped $1.1 billion, recording 61% growth in the first quarter of 2024. BlackRock’s tokenized fund BUIDL played a major role in this move and added $285 million to the industry within 20 days of launch.
Each share of BUIDL is worth $1, and generates daily accrued dividends for qualified investors by investing in cash, U.S. Treasury securities and repurchase agreements. The proceeds are paid out in new tokens every 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 US Government Money Fund maintains its lead with a 32% market share. However, since BUIDL’s launch, its dominance has fallen by more than 16%.
Furthermore, the first quarter saw a shift in the dominance of blockchain infrastructure. Stellar surpassed Ethereum in January and boosted Franklin Templeton’s tokenized fund. However, as BUIDL shares are tokenized via Ethereum, the network now has 62% of real-world assets represented digitally.
