Tokenized US Treasury Market Skyrockets By Nearly 600% Amid Global Spike In Interest Rates
Portfolio Pulse from Benzinga Neuro
The market for tokenized versions of U.S. Treasuries has seen a nearly 600% increase this year, jumping to $698 million from about $100 million at the start of the year. This growth is attributed to new entrants and expansion of existing platforms. Ethereum (ETH) network has recently outpaced the Stellar (XLM) network in terms of the value of Treasury tokens on-chain. Newer entrants like Polygon (MATIC) and Solana (SOL) have also garnered over $40 million of assets combined.
October 31, 2023 | 6:56 am
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NEGATIVE IMPACT
Ethereum network has outpaced Stellar in terms of the value of Treasury tokens on-chain, indicating a negative impact on Stellar.
The growth in the tokenized Treasury market and Ethereum's leading role in it suggests a negative impact on Stellar's value.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
Ethereum network has outpaced Stellar in terms of the value of Treasury tokens on-chain, indicating a positive impact on Ethereum.
The growth in the tokenized Treasury market and Ethereum's leading role in it suggests a positive impact on Ethereum's value.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Polygon, a newer entrant, has garnered over $40 million of assets in the tokenized Treasury market, indicating a positive impact on Polygon.
The growth in the tokenized Treasury market and Polygon's participation in it suggests a positive impact on Polygon's value.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
Solana, a newer entrant, has garnered over $40 million of assets in the tokenized Treasury market, indicating a positive impact on Solana.
The growth in the tokenized Treasury market and Solana's participation in it suggests a positive impact on Solana's value.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 70