隨著金融公司深入探索鏈上證券，代幣化美國公債突破 10 億美元

United States Treasurys tokenized on public blockchains surpassed $1 billion as traditional financial firms continued to load securities on-chain amid a prolonged period of elevated interest rates.

隨著傳統金融公司在長期利率上升的情況下繼續在鏈上加載證券，在公共區塊鏈上代幣化的美國國債已超過 10 億美元。

Data compiled by 21.co and Dune Analytics shows that tokenized government securities stood at $1.07 billion in assets on March 28, distributed across 17 products. A majority of the assets are based on the Ethereum, Polygon and Stellar networks.

21.co 和 Dune Analytics 彙編的數據顯示，截至 3 月 28 日，代幣化政府證券資產達 10.7 億美元，分佈在 17 種產品中。大部分資產基於以太坊、Polygon 和 Stellar 網路。

Leading the issuers is investment firm Franklin Templeton, with over $360.1 million in assets and 33.6% of the market share through its Franklin OnChain U.S. Government Money Fund (FOBXX). Using the Polygon and Stellar blockchains, the tokenized fund launched in 2021 and is represented by the BENJI token.

領先的發行人是投資公司富蘭克林鄧普頓 (Franklin Templeton)，該公司擁有超過 3.601 億美元的資產，透過其富蘭克林鏈上美國政府貨幣基金 (FOBXX) 佔據 33.6% 的市場份額。該代幣化基金使用 Polygon 和 Stellar 區塊鏈，於 2021 年推出，以 BENJI 代幣為代表。

The second position is held by BlackRock's USD Institutional Digital Liquidity Fund, or BUILD, with $244.8 million worth of assets tokenized, representing 22.8% of government Treasurys on-chain.

第二位由貝萊德的美元機構數位流動性基金（BUILD）持有，其代幣化資產價值 2.448 億美元，佔鏈上政府國庫券的 22.8%。聯合電訊報

Treasurys are debt securities issued by the U.S. federal government. Investors lend money to the government by buying these securities, and in return, the government promises to pay back the principal amount on a specified date, along with interest.

美國國債是美國聯邦政府發行的債務證券。投資者透過購買這些證券向政府借錢，作為回報，政府承諾在指定日期償還本金和利息。

Due to the rise in interest rates in the United States in recent years, government treasuries have become more attractive to investors from a risk-return perspective. As of March, the U.S. Federal Reserve has maintained its benchmark interest rates at a 23-year high between 5.25% and 5.50% to control inflation. Blockchain-based digital tokens representing U.S. Treasury securities rose 641% in 2023.

由於近年來美國利率上升，從風險回報角度來看，政府公債對投資者的吸引力越來越大。截至3月，聯準會將基準利率維持在5.25%至5.50%之間的23年高點，以控制通膨。代表美國國債的基於區塊鏈的數位代幣在 2023 年上漲了 641%。

Tokenizing U.S. Treasurys on a blockchain involves creating digital tokens that represent ownership of the underlying security. It impacts the way securities are issued, traded and managed, offering more liquidity and allowing investors with less capital to participate. Major financial institutions like UBS and JPMorgan have ventured into asset tokenization, with projects aimed at bridging traditional financial assets and blockchain technology.

在區塊鏈上對美國國債進行代幣化涉及創建代表基礎證券所有權的數位代幣。它影響證券的發行、交易和管理方式，提供更多的流動性並允許資本較少的投資者參與。瑞銀和摩根大通等主要金融機構已經涉足資產代幣化，其專案旨在連接傳統金融資產和區塊鏈技術。

Crypto projects are also diving into tokenized U.S. Treasurys to back up their operations. Decentralized finance platform Ondo Finance, for instance, is now the largest holder of BlackRock's BUILD, holding 38% of the fund’s supply, according to Tom Wan, data analyst at 21.co.

加密貨幣計畫也開始涉足代幣化的美國國債來支持其營運。例如，根據 21.co 資料分析師 Tom Wan 的說法，去中心化金融平台 Ondo Finance 現在是貝萊德 BUILD 的最大持有者，持有該基金供應量的 38%。