BUIDL | Tether Gold | Franklin Templeton | Maple Finance | Superstate

• The tokenized asset sector has doubled since 2024, reaching $17.2B, led by private credit and tokenized Treasuries. Private credit growth was driven by Figure's consumer products and Tradable's institutional platform, which tokenized $1.7B with Victory Park Capital, an asset manager focused on private asset-backed credit. Tokenized treasuries grew from $800M to $3.6B, with Hashnote's USYC, BlackRock's BUIDL, and Ondo's products leading. While early adoption favored legacy networks, institutions are now embracing Ethereum and newer networks.

• In private credit, Figure led the growth with home equity lines of credit (HELOCs) on the Provenance Blockchain. Tradable partnered with Victory Park to bring $1.7B of institutional-grade private credit assets to ZKsync Era, a Layer 2, in January 2025. Maple Finance further expanded tokenized private credit through its decentralized lending platform.

• In the tokenized U.S. Treasuries space, market growth was led by Hashnote’s USYC and its integration with USD0, Usual Protocol's yield-bearing stablecoin. BlackRock’s BUIDL and Ondo’s USDY/OUSG products established institutional-grade infrastructure for yield generation and treasury management.

• The supply of the BUIDL fund, developed and managed by Blackrock and Securitize, has remained relatively stable over the past months, with a small dip at the end of January to 625M. Recently, the total supply went back to 650M like it was at the start of the year.

• Notably, since the BUIDL fund went multichain in November last year, the supply has been moving to chains other than Ethereum — today over 26% of BUIDL exists on Arbitrum, Optimism, Polygon, Aptos and Avalanche.

• Another interesting fact is that Ethena, the synthetic dollar protocol, announced a stablecoin that will be backed by the BUIDL fund, making the liquidity available to everyone. The stablecoin USDtb now has a supply of 89M of which 18.7M is backed by the BUIDL fund, this is expected to grow in the near future.

• The largest tokenized gold asset, Tether Gold (XAUt), has surpassed a market capitalization of $700M due to the recent increase in gold prices. XAUt is a token that gives holders ownership of physical gold. The minimum purchase amount for a verified buyer is 50 XAUt, which is approximately $146,608 as of Feb. 14, 2025. Currently, XAUt accounts for approximately 41% of the total market capitalization of tokenized gold tokens.

• There are 246.5k XAUt tokens issued on Ethereum, backed by 246.5k oz of custodial gold. However, 24.7% of these XAUt tokens are still held in the Tether Treasury. The last issuance of XAUt on-chain occurred on Mar. 7 2022. The number of addresses holding XAUt has been steadily increasing, with 3,888 holders.

• XAUt's cumulative trading volume on decentralized exchanges (DEXs) exceeded $237M, with the most active pairs being PAXG & USDT. As gold prices have reached new all-time highs, DEX activity has risen since the end of January 2025. Judging by holdings on centralized exchanges (CEXs), it is believed that the XAUt trading volume is higher on CEXs.

• Since 2021, Franklin Templeton has quietly built the largest tokenized U.S. money market fund to date. FOBXX, its onchain U.S. Government Money Fund, is closing in on $600M assets under management, a strong signal that institutional investors are warming up to blockchain-based financial products. FOBXX is Franklin Templeton’s tokenized U.S. government money market fund, providing investors with a regulated, blockchain-based vehicle for holding U.S. government securities while maintaining a stable $1.00 net asset value (NAV).

• BENJI, Franklin Templeton’s Benji Investments, is the on-chain tokenized representation of FOBXX, allowing investors to hold and transfer tokenized shares across multiple blockchains. With 553 holders, the fund offers a 4.55% annual percentage yield (APY) and charges a management fee of 0.15%.

• Ethereum remains the dominant blockchain for RWAs responsible for $2.5B in market cap; However, Franklin Templeton’s early success on Stellar shows a promising road ahead for tokenized treasuries looking for a low cost alternative to Ethereum.

• Maple Finance offers high quality yield to lenders, through loans issued to institutions collateralized with digital assets like BTC, ETH and SOL. Since the most recent RWA newsletter in August 2024, TVL on the platform has more than doubled with strong growth across both Maple and Syrup products. Protocol revenue has followed a similar trajectory, with January revenue setting an all time high for the protocol.

• In November, the migration of MPL to SYRUP began, alongside the re-introduction of staking so that users can share in the growth of DeFi’s leading institutional lender. To date, more than 50% of the circulating supply of SYRUP is staked with 20% of January revenues going to SYRUP buybacks.

• As yields have compressed throughout DeFi, Syrup has materially outperformed major comps. Over the last 30 days, Syrup net yields to lenders have outperformed Aave by more than double and Ethena sUSDE by 50%; all while maintaining a loan book with average collateralization ratio of over 165%.

• Superstate, a U.S.-based asset manager tokenizing real-world assets, announced key milestones as its funds collectively surpassed $300M AUM in January, reinforcing institutional adoption of onchain finance. Superstate’s USTB fund — offering access to short-duration U.S. Treasuries and Agency securities — crossed $200M AUM. With this milestone, the fund has introduced a 15 basis point fee, while continuing to provide exposure to traditional financial assets through tokenized infrastructure.

• Also, Superstate Crypto Carry Fund (USCC) surpassed $100M AUM, as investors allocate to its crypto basis strategies spanning BTC, ETH — including staked ETH — and U.S. Treasuries. Both funds exist onchain via Ethereum and offchain via book-entry, with multichain expansion underway to Plume, a blockchain designed for RWAs.