需求不斷成長，代幣化國債市場突破 10 億美元里程碑

代幣化美國國債市場已超過10 億美元，自2023 年1 月以來價值大幅飆升。在貝萊德基於以太坊的代幣化基金BUIDL 的推出和富蘭克林鄧普頓的BENJI 代幣的增長帶動下，這些政府債券的數位表示形式提供了在國債殖利率上升的情況下，投資者的多元化和 24/7 交易機會。

Tokenized Treasury Market Surpasses $1 Billion, Driven by Growing Demand

需求成長推動代幣化國債市場規模突破 10 億美元

The burgeoning market for tokenized U.S. Treasury debt has reached a significant milestone, surpassing $1 billion in market value for the first time. This rapid growth, driven by rising Treasury yields and the increasing appeal of tokenized investment vehicles, has positioned this nascent market as an attractive diversification option for crypto investors.

蓬勃發展的代幣化美國國債市場已達到一個重要里程碑，市值首次超過 10 億美元。在國債殖利率上升和代幣化投資工具吸引力日益增強的推動下，這種快速成長使這個新興市場成為對加密貨幣投資者有吸引力的多元化選擇。

According to data compiled by Tom Wan, an analyst at crypto firm 21.co, the value of Treasury notes tokenized on public blockchains, including Ethereum, Polygon, Avalanche, Stellar, and others, has soared tenfold since January 2023. This surge is further compounded by an 18% increase subsequent to the announcement of BUIDL, an Ethereum-based tokenized fund launched by financial behemoth BlackRock in March 2023.

根據加密公司 21.co 分析師 Tom Wan 編制的數據，自 2023 年 1 月以來，在以太坊、Polygon、Avalanche、Stellar 等公鏈上代幣化的國債價值已飆升十倍。金融巨頭貝萊德( BlackRock) 於2023 年3 月推出的基於以太坊的代幣化基金BUIDL 宣布後，股價上漲了18%。

BUIDL currently ranks as the second-largest fund of its type, boasting a tokenized value of $245 million. It trails behind Franklin Templeton's Franklin OnChain U.S. Government Money Fund (FOBXX), represented by the BENJI token, which dominates with a balance of $360.2 million.

BUIDL 目前是同類第二大基金，代幣化價值達 2.45 億美元。它落後於富蘭克林鄧普頓的富蘭克林鏈上美國政府貨幣基金（FOBXX），以 BENJI 代幣為代表，後者以 3.602 億美元的餘額佔據主導地位。

Wan recently remarked, "Just happened, $1B Total Tokenized U.S. Treasuries on Public Blockchains. BlackRock's BUIDL increased by 400% from 40M to 240M supply in a week." Notably, OndoFinance has emerged as the paramount holder of BUIDL, possessing 38% of the total supply and fully backing Ondo's OUSG with BUIDL.

Wan 最近表示，“剛剛發生了，公共區塊鏈上總計 10 億美元的美國國債代幣化。貝萊德的 BUIDL 供應量在一周內從 4000 萬增加到 2.4 億，增加了 400%。”值得注意的是，OndoFinance 已成為 BUIDL 的最大持有者，擁有總供應量的 38%，並透過 BUIDL 全力支持 Ondo 的 OUSG。

The surge in Treasury yields over the past two years has played a pivotal role in fueling demand for tokenized Treasury debt. The 10-year yield, considered a risk-free rate, has escalated from 1.69% to 4.22% since March 2022, reducing the allure of lending and borrowing dollar-pegged stablecoins in the decentralized finance (DeFi) market.

過去兩年美國公債殖利率的飆昇在刺激代幣化國債需求方面發揮了關鍵作用。自2022 年3 月以來，被視為無風險利率的10 年期公債殖利率已從1.69% 升至4.22%，降低了去中心化金融(DeFi) 市場上與美元掛鉤的穩定幣借貸的吸引力。

Investing in tokenized Treasuries presents crypto investors with an avenue to diversify their portfolios and settle transactions round the clock. Wan emphasized the inherent advantage of tokenization, highlighting the ability to execute transactions 24/7.

投資代幣化國債為加密貨幣投資者提供了一種實現投資組合多元化和全天候結算交易的途徑。 Wan 強調了代幣化的固有優勢，強調了 24/7 執行交易的能力。

The tokenized Treasury market's growth trajectory is expected to persist, fueled by the continued demand for alternative investment options, the increasing accessibility of tokenized assets through exchanges and custodians, and the regulatory clarity that is gradually emerging in this burgeoning sector. As the market matures, it is anticipated that institutional investors will play a more substantial role, further boosting the adoption and liquidity of tokenized Treasury debt.

由於對另類投資選擇的持續需求、透過交易所和託管機構越來越多地獲得代幣化資產，以及這個新興行業中逐漸出現的監管明確性，預計代幣化國債市場的成長軌跡將持續下去。隨著市場的成熟，預計機構投資者將發揮更重要的作用，進一步促進代幣化國債的採用和流動性。