需求不断增长，代币化国债市场突破 10 亿美元里程碑

代币化美国国债市场已超过 10 亿美元，自 2023 年 1 月以来价值大幅飙升。在贝莱德基于以太坊的代币化基金 BUIDL 的推出和富兰克林邓普顿的 BENJI 代币的增长带动下，这些政府债券的数字表示形式提供了在国债收益率上升的情况下，投资者的多元化和 24/7 交易机会。

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

需求增长推动代币化国债市场规模突破 10 亿美元

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.

蓬勃发展的代币化美国国债市场已达到一个重要里程碑，市值首次超过 10 亿美元。在国债收益率上升和代币化投资工具吸引力日益增强的推动下，这种快速增长使这个新兴市场成为对加密货币投资者有吸引力的多元化选择。

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.

根据加密公司 21.co 分析师 Tom Wan 编制的数据，自 2023 年 1 月以来，在以太坊、Polygon、Avalanche、Stellar 等公链上代币化的国债价值已飙升十倍。金融巨头贝莱德 (BlackRock) 于 2023 年 3 月推出的基于以太坊的代币化基金 BUIDL 宣布后，股价上涨了 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 目前是同类第二大基金，代币化价值达 2.45 亿美元。它落后于富兰克林邓普顿的富兰克林链上美国政府货币基金（FOBXX），以 BENJI 代币为代表，后者以 3.602 亿美元的余额占据主导地位。

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，“刚刚发生了，公共区块链上总计 10 亿美元的美国国债代币化。贝莱德的 BUIDL 供应量在一周内从 4000 万增加到 2.4 亿，增加了 400%。”值得注意的是，OndoFinance 已成为 BUIDL 的最大持有者，拥有总供应量的 38%，并通过 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.

过去两年美国国债收益率的飙升在刺激代币化国债需求方面发挥了关键作用。自 2022 年 3 月以来，被视为无风险利率的 10 年期国债收益率已从 1.69% 升至 4.22%，降低了去中心化金融 (DeFi) 市场上与美元挂钩的稳定币借贷的吸引力。

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.

投资代币化国债为加密货币投资者提供了一种实现投资组合多元化和全天候结算交易的途径。 Wan 强调了代币化的固有优势，强调了 24/7 执行交易的能力。

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.

由于对另类投资选择的持续需求、通过交易所和托管机构越来越多地获得代币化资产，以及这个新兴行业中逐渐出现的监管明确性，预计代币化国债市场的增长轨迹将持续下去。随着市场的成熟，预计机构投资者将发挥更重要的作用，进一步促进代币化国债的采用和流动性。