GuShiio.com The market value of Tether Gold exceeded US$700 million, benefiting from the rise in gold prices.
Author: OurNetwork
Compiled by: Shenchao TechFlow
BUIDL | Tether Gold | Franklin Templeton | Maple Finance | Superstate
rwa.xyz | Dashboard
Tokenized RWAs do not include the stability coin chain exceeding US$17.2 billion
-
Since 2024, the tokenized real assets (RWAs) sector has doubled in size to US$17.2 billion, with private credit and tokenized treasury bonds being the main drivers. The growth in private credit mainly comes from Figure’s consumer finance products and Tradable’s institutional platform. Tradable partnered with Victory Park Capital, an asset manager that focuses on private asset-backed credit, to jointly complete the tokenization of $1.7 billion in assets. At the same time, tokenized treasury bonds increased from US$800 million to US$3.6 billion. Hashnote’s USYC, BlackRock’s BUIDL, and Ondo’s related products performed prominently in this area. Although early users preferred traditional blockchain networks, institutional investors are now increasingly turning to Ethereum and other emerging networks.
rwa.yxz
-
In the private credit field, Figure has become a leader in this field by launching tokenized products based on Home Equity Credit Lines (HELOCs) through Provenance Blockchain. In January 2025, Tradable partnered with Victory Park to launch US$1.7 billion in institutional private credit assets on the Layer 2 network ZKsync Er. In addition, Maple Finance has further expanded the application scope of tokenized private credit through its decentralized lending platform.
rwa.xyz
-
In the area of tokenized U.S. Treasury bonds, Hashnote’s USYC product and its integration with Usual Protocol’s income-based stablecoin US$0 have become important drivers of market growth. At the same time, BlackRock’s BUIDL and Ondo’s USDY/OUSG products provide institutional-level solutions and infrastructure for income generation and treasury bond management.
rwa.xyz
-
Transaction Spotlight: On-chain data shows that the stablecoin US$0 launched by Usual Protocol is supported by Hashnote’s USYC Token. Users can directly redeem USD0 through an agreement and receive assets in the form of USYC. In addition, online records show that Usual Protocol’s treasury wallet is the largest holder of USYC.
BUIDL
MarcoV | Website | Dashboard
More than 25% of BUIDL Fund assets have been migrated to blockchains outside of Ethereum
The BUIDL fund, managed by Blackrock and Securitize, has maintained stable supply over the past few months, falling only slightly to $625 million at the end of January. Recently, total supply has rebounded to US$650 million at the beginning of the year.
Dune – @Marcov
-
Since the realization of multi-chain support in November 2024, the assets of the BUIDL Fund have gradually been transferred to blockchains other than Ethereum. Currently, more than 26% of assets are located in Arbitrum, Optimism, Polygon, Aptos and Avalanche.
Dune – @Marcov
-
It is noteworthy that Ethena, a synthetic dollar agreement, launched USDtb, a stablecoin backed by the BUIDL fund, making liquidity more widely open. As of now, USDtb’s supply is US$89 million, of which 18.7 million is supported by BUIDL funds, and is expected to grow further in the future.
Dune – @Marcov
Tether Gold (XAUt)
Tharanga Gamage | Website | Dashboard
Tether Gold’s market value exceeded US$700 million, benefiting from rising gold prices
As currently the largest tokenized gold asset, Tether Gold (XAUt)’s market value exceeded US$700 million due to the recent rise in gold prices. XAUt is a token that gives the holder ownership of physical gold, with a minimum purchase of 50 XAUt (approximately US$146,608 as of February 14, 2025) per verified buyer. Currently, XAUt accounts for 41% of the total market value of the tokenized gold market.
Dune – @sqrr
-
A total of 246,500 XAUt were issued on Ethereum, with each token corresponding to 1 ounce of escrow gold. However, 24.7% of the tokens are still held in Tether’s treasury. The last online issuance of XAUt tokens occurred on March 7, 2022. Currently, the number of addresses holding XAUt has increased to 3888.
Dune – @sqrr
-
On decentralized exchanges (DEX), XAUt’s cumulative trading volume has exceeded US$237 million, with the most active trading pairs being PAXG and USDT. As gold prices hit record highs, decentralized trading activity has increased significantly since the end of January 2025. At the same time, judging from the positions held on the centralized exchange (CEX), the trading volume of XAUt may be higher on CEX.
Dune – @sqrr
Franklin Templeton
Biff Buster | Website | Dashboard
Franklin Templeton’s on-chain U.S. Government Monetary Fund (FBOXX) asset management is close to $600 million
Since 2021, Franklin Templeton has quietly established the largest tokenized U.S. money market fund to date. FBOXX is a U.S. government monetary fund on its chain, with a current asset management scale of nearly US$600 million. This shows that institutional investors are increasing acceptance of blockchain-based financial products. FBOXX provides a regulated blockchain tool that allows investors to hold U.S. government bonds while maintaining a stable net asset value (NAV) of $1.
Dune – @BiffBuster
-
BENJI is an on-chain tokenization expression of FBOXX, allowing investors to transfer tokenized shares between multiple blockchains. The fund currently has 553 holders, offers an annualized rate of return (APY) of 4.55% and charges a management fee of 0.15%.
rwa.xyz
-
While Ethereum remains the main blockchain for tokenized physical assets, with a total market value of $2.5 billion, Franklin Templeton’s early success with Stellar demonstrates the importance of low-cost alternatives for tokenized treasury bonds.
rwa.xyz
-
Trading focus: Whenever BENJI is released on a new blockchain, there will usually be a large amount of capital inflows the next day. For example, in the Benji Money Market Fund on Aptos, there were $21 million in new deposits, increasing the size of assets under management by about 5%. With the Benji investment platform now launched on Solana, which has advantages in low-cost, high-transaction-volume blockchains, asset management is expected to grow significantly in the next three months.
Maple Finance
fatmac | Website | Dashboard
Maple Finance’s total locked position value (TVL) exceeded US$600 million in early 2025
Maple Finance brings high-quality returns to borrowers by providing institutions with loans backed by BTC, ETH and SOL. Since August 2024, the platform’s total lockdown value has more than tripled, and Maple and Syrup products have both achieved significant growth. Agreed revenue also showed a similar trend, reaching a record high in January 2025.
Dune – @maple-finance
-
In November 2024, the migration of MPL to SYRUP was launched, and the pledge function was reintroduced to allow users to share the growth results of DeFi’s leading institutional lending platform. As of now, more than 50% of SYRUP’s circulating supply has been pledged, and 20% of January’s revenue has been used to repurchase SYRUP.
Syrup
-
Against the backdrop of a general squeeze in DeFi’s revenue, Syrup’s revenue performance was significantly better than its main competitors. Over the past 30 days, Syrup’s net yield has been more than twice that of Aave and 50% higher than Ethena’s sUSDE, while maintaining a loan book with an average mortgage ratio of more than 165%.
vaults.fyi
-
Trading focus: Maple and Syrup actually attracted nearly $40 million in new deposits despite market volatility in early February that led to record highs in liquidations. Many large holders are reallocating funds from agreements such as Aave to Syrup in search of higher stablecoin yields.
Superstate
Emily Coleman | Website | Dashboard
Superstate achieves multi-chain expansion, and the asset management scale of tokenized funds exceeds US$300 million
-
Superstate, a US-based asset management company, announced that its tokenized funds collectively exceeded US$300 million in asset management in January 2025, further demonstrating the increasing acceptance of on-chain finance by institutional investors. Superstate’s USTB fund focuses on short-term U.S. Treasury bonds and institutional securities, and its asset management scale has exceeded US$200 million. To this end, the fund introduced a 15 basis point management fee while continuing to provide investment opportunities in traditional financial assets through tokenized infrastructure.
rwa.xyz
-
In addition, Superstate’s Crypto Carry Fund (USCC) asset management has exceeded US$100 million, and investors allocate funds to crypto strategies covering BTC, ETH (including pledged ETH) and U.S. Treasury bonds. The two funds support both on-chain transactions and off-chain transactions in bookkeeping, and plan to expand to the Plume blockchain, a network designed specifically for tokenizing physical assets.
rwa.xyz
Welcome to join the official social community of Shenchao TechFlow
Telegram subscription group: www.gushiio.com/TechFlowDaily
Official Twitter account: www.gushiio.com/TechFlowPost
Twitter英文账号：https://www.gushiio.com/DeFlow_Intern
