Topic
Blockchain-based tokens or funds representing ownership of short-term US government debt, letting investors hold and trade Treasury exposure on-chain.
BlackRock's fund is back at roughly $2.8bn, but the pool it leads has grown to $15bn to $16bn. A share that once ran 40% to 46% is now closer to 18%. The title has changed hands twice inside a year.
Reality
Ondo, BlackRock and Securitize pitched OUSG for Sky's roughly $1 billion tokenization allocation, offering 24/7 redemptions capped at $25 million a day. Much of OUSG's money sat in BlackRock's BUIDL fund, so BlackRock manages the underlying Treasuries whether Sky chooses OUSG or BUIDL.
Reality
RWA.xyz's count puts US T-bills at $15bn of a $46.2bn total and five assets at about 70% of it. Other trackers stop at $38bn, so the Treasury share of onchain finance moves seven points on the choice of tracker.
Reality
CZ says the scale of tokenized assets caught him out, and the ratio he concedes is the interesting part, because $13bn of tokenized bills sitting against a $320bn stablecoin float makes this a cash management question.
Reality
Hayden Adams calls tokenization the next test for automated market makers. The composition of the $18 billion already on-chain, and a fresh SIFMA warning, suggest it may not go his way.
Reality
DefiLlama puts actively deployed real-world assets at $3.98 billion, up sixfold in a year. Measured against $34.55 billion issued, that is 11.5% doing any work onchain.
Reality
BUIDL, USDY and Galaxy's SWEEP now sit on Solana. Ethereum still holds roughly 43% of a $16.23B market, but last month's net flows did not go there.
Reality