Ondo, BUIDL, Maple, OpenEden

• The market for tokenized assets is up from ~$8.0B since the start of the year, or roughly 37.1% to date, driven largely due to the demand for private loans and U.S. Treasury debt. The private credit market currently stands at $8.1B while tokenized Treasuries is $1.9B. The remaining tokenized asset classes fall under $1B.

• Tokenized U.S. Treasury debt continues to accelerate following the $BUIDL launch in March. The asset class jumped $1.1 billion in the past five months. In the last few weeks, a number of institutions have expressed interest in issuing tokenized treasuries, including Goldman Sachs and Ripple.

• Tokenized gold remains the most widespread form of tokenized commodity. Tether and Paxos continue to be the biggest issuers. The market cap of the two largest products, $XAUT (Tether Gold) and $PAXG (Paxos Gold), are $455.7M and $455.4M. To capture more of the market, Tether announced $aUSD₮ (Tether Alloy), a stablecoin backed by $XAUT. Since $XAUT is secured by physical gold, the design of $aUSD₮ allows users to mint and redeem stablecoins by precious metals.For more on tokenized metals, check out RWA.xyz’s latest report.

• Ondo Finance is the market leader in the tokenization of real-world assets, recently surpassing $560M in TVL for its cash equivalent products. Ondo's USDY, a yield-bearing stablecoin, is available on multiple blockchains, including Ethereum, Solana, Cosmos, Aptos, Mantle, and Sui. Ondo is prioritizing efforts to drive the adoption, integrations, and liquidity of these tokens.

• Ondo's OUSG token offers liquid exposure to short-term US Treasuries with 24/7 stablecoin mints & redemptions, providing stable returns & deep liquidity. The portfolio mainly includes BlackRock's BUIDL, with the rest in BlackRock’s FedFund, bank deposits, & USDC. OUSG has a TVL of $217.89M & offers a 4.62% APY.

• USDY (Ondo US Dollar Yield Token) has surpassed $340M in TVL. USDY is a tokenized note that builds on the success of stablecoins to provide non-US investors a way to store dollar-denominated value while generating yield. USDY holders currently earn 5.35% APY.

• In March this year Securitize and BlackRock introduced BUIDL, a tokenized investment fund on the Ethereum blockchain. The fund aims to have stable $1 value per token, earning yield by investing in, for example, US Treasury Bills. The supply of the BUIDL quickly grew to over $500M in 4 months, currently at a supply of $513M. Currently the BUIDL token has 17 holders, of which the largest one is Ondo Finance with 175M BUIDL.

• The market of tokenized securities already existed for while so let’s take a look at the total market. According to the securities dashboard by 21.co, the total market currently has $1.84B assets under management. BUIDL quickly became the number one fund, which now covers 27.3% of the total market.

• Besides being able to see the supply and holders of BUIDL, the token can also be redeemed onchain. A redeem fund was deployed and funded with an initial $100M USDC, in total over $111M was redeemed (and burned) already. In the chart below you can see the fund fluctuating in supply.

• Maple Finance’s platform offers corporate credit yield to accredited lenders, through loans issued to institutions collateralized with digital assets like BTC, ETH and SOL. Since the launch of the High Yield Secured pool in March of this year, TVL on the platform has grown ~280%, recently crossing the $300M threshold. Protocol revenue has followed a similar trajectory, with July revenue up >300% from the beginning of the year.

• Syrup is the new permissionless lending product from the Maple Finance team. Syrup’s yield is generated from overcollateralized loans (average ~170%) to institutions with fixed rates and short duration. The pool has rocketed past $50M in TVL just a month after public access was opened.

• Since launch in late June, Syrup has significantly outperformed the average daily APY in Aave v3 USDC, with a spread that often eclipses >10%. Loans and collateral are transparently shown in the Syrup webapp, allowing lenders to verify performance in realtime.

• OpenEden is the first tokenized US T-Bill product to ever receive a Moody's "A" rating. Interestingly, even Coinbase's bonds are "BB-" rated. Notably, OpenEden's $TBILL tokens delivered one of the highest net yields to token holders over 180 days, in some cases by as much as 20-30 basis points. This owes in part to their lower fee structure from how they tokenize the underlying T-Bills.

• Securing an "investment-grade" Moody's rating, plus their growing track record of delivering higher net yields to token holders have contributed to OpenEden becoming one of the fastest growing tokenized T-Bill issuers.

• In the four months since April 2024, OpenEden's TVL has grown nearly 400%. According to the company, this growing demand owes largely to crypto treasuries, DAOs, and institutional investors seeking an onchain cash management tool.