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After we coated the BlackRock announcement final week of their new tokenized treasuries fund I assumed it was an enormous deal.
One week in, this new funding car (ticker image BUIDL) is proving to be fairly common. On-chain information reveals that $245 million price of BUIDL shares at the moment are held in seven completely different wallets. That’s the fantastic thing about blockchain information, every part is clear.
The tokenized fund was deployed on Ethereum final week with an preliminary funding of $5 million. The fund holds U.S. Treasuries and repurchase agreements with shareholders incomes yield within the type of BUIDL shares. The value of BUIDL is pegged at $1, like a typical cash market fund.
With BlackRock now concerned, 2024 could possibly be a breakout yr for the tokenization of real-world property (RWA). HSBC has launched a tokenized gold product in Hong Kong and there are a lot of different initiatives around the globe coming on-line.
Tokenization of RWA has had sluggish adoption because it was first imagined a number of years in the past. However now that a few of the greatest monetary establishments on the planet are actively concerned, there’s severe momentum on this sub-niche of blockchain expertise.
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> BlackRock’s Tokenized Treasuries Fund BUIDL Sucks Up $245M In First Week
By Samuel Haig
Buyers have piled 1 / 4 of a billion {dollars} into the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) in a single week.
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