貝萊德的 BUIDL 已成為加密貨幣最大的代幣化金庫

貝萊德 (BlackRock) 的 BUIDL 已超越富蘭克林鄧普頓 (Franklin Templeton) 的 BENJI，成為最大的代幣化貨幣市場基金。 BUIDL 的市值達到 3.75 億美元，在六週內大幅成長，而 BENJI 則略有成長。然而，由於流動性有限，對代幣化產品的需求仍然較低，造成了「先有雞還是先有蛋」的問題。儘管如此，代幣化政府公債的潛力巨大，未來市場主導地位預計將達到 10%。

BlackRock's BUIDL Emerges as the Largest Tokenized Treasury

貝萊德的 BUIDL 成為最大的代幣化金庫

In a significant development, BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) has surpassed Franklin Templeton's product to become the largest tokenized treasury on the blockchain.

貝萊德的美元機構數位流動性基金（BUIDL）取得了重大進展，已超越富蘭克林鄧普頓的產品，成為區塊鏈上最大的代幣化金庫。

According to data from Dune Analytics, the six-week-old BUIDL has a market capitalization of $375 million, eclipsing the 12-month-old Franklin OnChain U.S. Government Money Fund (BENJI), which stands at $368 million.

根據 Dune Analytics 的數據，成立六週的 BUIDL 市值為 3.75 億美元，超過成立 12 個月的富蘭克林 OnChain 美國政府貨幣基金（BENJI）的 3.68 億美元。

The surge in BUIDL's market capitalization has been fueled by a $70 million inflow over the past week, including a $50 million investment in Ondo Finance's tokenized real-world asset (RWA) OUSG token.

過去一周 7000 萬美元的資金流入推動了 BUIDL 市值的飆升，其中包括對 Ondo Finance 的代幣化現實資產 (RWA) OUSG 代幣的 5000 萬美元投資。

In contrast, BENJI's assets under management (AUM) have declined by 3.7% during the same period.

相較之下，BENJI的資產管理規模（AUM）在同一時期下降了3.7%。

However, despite the growth of BUIDL and BENJI, demand for such tokenized products remains subdued, according to research strategist Tom Wan of 21.co. Wan cites "thin liquidity" as a key factor in the low interest.

然而，21.co 的研究策略師 Tom Wan 表示，儘管 BUIDL 和 BENJI 不斷增長，但對此類代幣化產品的需求仍然低迷。萬將「流動性稀薄」視為低利率的關鍵因素。

This presents a "chicken-and-egg problem," as issuers struggle to see the clear benefits of tokenizing assets on-chain with low demand, Wan said in an April 30 Twitter thread.

萬在4 月30 日的Twitter 帖子中表示，這提出了“先有雞還是先有蛋的問題”，因為發行人很難看到在需求較低的情況下對鏈上資產進行代幣化的明顯好處。

The silver lining is that there is an existing demand for tokenized US Treasuries among players in the $140 billion stablecoin market. As demand grows, "it will be easier to find end investors for swapped tokens," Wan explained.

一線希望是，1,400 億美元的穩定幣市場參與者對代幣化美國公債有需求。隨著需求的增長，「將更容易找到交換代幣的最終投資者，」萬解釋道。

Tokenized government securities currently account for 1.4% of total on-chain tokenized assets – up from 0.1% at the start of 2023. However, Wan anticipates this market share to increase to 10% in the future.

代幣化政府證券目前佔鏈上代幣化資產總額的 1.4%，高於 2023 年初的 0.1% 不過，Wan 預計這一市場份額未來將增加到 10%。

The Boston Consulting Group estimates that blockchain-based tokenization could represent a $16 trillion market by 2030. It remains to be seen whether BUIDL and other tokenized treasury products will continue to gain traction and contribute to the expansion of this nascent market.

波士頓顧問集團估計，到2030 年，基於區塊鏈的代幣化市場可能達到16 兆美元。還有待觀察。