贝莱德的 BUIDL 成为加密货币最大的代币化金库

贝莱德 (BlackRock) 的 BUIDL 已超越富兰克林邓普顿 (Franklin Templeton) 的 BENJI，成为最大的代币化货币市场基金。 BUIDL 的市值达到 3.75 亿美元，在六周内大幅增长，而 BENJI 则略有增长。然而，由于流动性有限，对代币化产品的需求仍然较低，造成了“先有鸡还是先有蛋”的问题。尽管如此，代币化政府债券的潜力巨大，未来市场主导地位预计将达到 10%。

BlackRock's BUIDL Emerges as the Largest Tokenized Treasury

贝莱德的 BUIDL 成为最大的代币化金库

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.

贝莱德的美元机构数字流动性基金（BUIDL）取得了重大进展，已超越富兰克林邓普顿的产品，成为区块链上最大的代币化金库。

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.

根据 Dune Analytics 的数据，成立六周的 BUIDL 市值为 3.75 亿美元，超过成立 12 个月的富兰克林 OnChain 美国政府货币基金（BENJI）的 3.68 亿美元。

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.

过去一周 7000 万美元的资金流入推动了 BUIDL 市值的飙升，其中包括对 Ondo Finance 的代币化现实资产 (RWA) OUSG 代币的 5000 万美元投资。

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

相比之下，BENJI的资产管理规模（AUM）同期下降了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 的研究策略师 Tom Wan 表示，尽管 BUIDL 和 BENJI 不断增长，但对此类代币化产品的需求仍然低迷。万将“流动性稀薄”视为低利率的关键因素。

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.

万在 4 月 30 日的 Twitter 帖子中表示，这提出了“先有鸡还是先有蛋的问题”，因为发行人很难看到在需求较低的情况下对链上资产进行代币化的明显好处。

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.

一线希望是，1400 亿美元的稳定币市场参与者对代币化美国国债存在需求。随着需求的增长，“将更容易找到交换代币的最终投资者，”万解释道。

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.

代币化政府证券目前占链上代币化资产总额的 1.4%，高于 2023 年初的 0.1%。不过，Wan 预计这一市场份额未来将增加到 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.

波士顿咨询集团估计，到 2030 年，基于区块链的代币化市场可能达到 16 万亿美元。BUIDL 和其他代币化财务产品是否会继续获得吸引力并为这个新兴市场的扩张做出贡献，还有待观察。