Ethena Labs founder Man Younger has claimed that the artificial greenback issuer is liable for 95% of the latest development in BlackRock tokenized US Treasury fund BUIDL. Younger disclosed this on X whereas responding to the information that Constancy desires to situation its personal tokenized fund on Ethereum.
In line with Younger, stablecoin issuers will resolve the platform for tokenized treasury merchandise, and for one, Ethena Labs seems to have chosen BUIDL on Ethereum.
He mentioned:
“Stablecoin issuers resolve the place the demand for these treasury merchandise will sit at scale, Ethena holds >60% of BUIDL alone and accounted for 95%+ of the expansion in BUIDL within the final three weeks.”
Ethena leads BUIDL’s RWA surge
BUIDL, a tokenized treasury product issued by Securitize and BlackRock in March, has been on a parabolic trip lately. Its belongings below administration (AUM) elevated by greater than 127% within the final 30 days, enabling it to cross the $1 billion mark.
Most of those beneficial properties are attributable to Ethena Labs, which lately allotted $200 million to the product. Apparently, Ethena’s allocation accounts for over 60% of BUIDL’s worth. That is because of the tokenized treasury product serving because the reserve asset for Ethena stablecoin USDtb.
In line with Defillama, the stablecoin that Ethena launched in December 2024 already has a market cap of $1.182 billion. Not like Ethena’s flagship product, the USDe, the USDtb is like common stablecoins akin to Tether USDT and Circle USDC.
Nevertheless, its reserve asset is usually tokenized treasury funds somewhat than bodily treasury merchandise. BlackRock BUIDL accounts for over 70% of the reserve belongings backing USDtb. The opposite belongings backing the stablecoin are USDC, with $350.18 million, and solely $27 value of USDT.
BlackRock BUIDL nearing $2 billion as Ethereum leads RWA issuance
In the meantime, BlackRock BUIDL is now on its technique to hitting $2 billion in AUM after latest developments. Presently, the tokenized fund has $1.467 billion in whole asset worth after greater than doubling previously month.
Nevertheless, it might see a extra substantial improve after profitable the Sky (previously MakerDAO) Tokenization Grand Prix, via which DeFi lending platform Spark will allocate $1 billion to tokenized belongings. Sky lately introduced BUIDL as one of many winners, together with two different tokenized merchandise.
In line with the announcement, Spark will allocate $500 million to BlackRock BUIDL, $200 million to Centrifuge JTRSY, and $300 million to Superstate USTB. Steakhouse Monetary evaluated 39 candidates earlier than deciding on these three merchandise, and Sky Governance’s ultimate approval vote is about for April 3.
Ethereum dominates the charts for RWA belongings worth and merchandise. Supply: rwa.xyz
If the Sky neighborhood approves this proposal, it would characterize a milestone not only for BUIDL but in addition for the real-world belongings (RWA) sector. Tokenized US treasuries have already got a complete asset worth of $4.77 billion and will attain $6 billion within the subsequent few weeks.
Apparently, Ethereum stays the dominant blockchain community for RWA exercise, with 66.49% of the market share and $4.759 in AUM from 140 merchandise. The community might quickly see extra merchandise after main asset supervisor Constancy utilized to the US Securities and Change Fee to register tokenized US greenback cash market funds that may initially launch on Ethereum.
Constancy’s software has led some analysts to query the necessity for a brand new blockchain community for RWA when all main asset issuers proceed to make use of Ethereum. Blockworks analysis analyst Dan Smith famous that the large names proceed to decide on Ethereum to launch regardless of latest bulletins from chains claiming they’re “optimized for RWA issuance.”
