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Traditional finance (TradFi) is starting to take the lead in tokenizing real-world assets (RWA), says blockchain data tracker Kaiko Analytics.
According to new Caico research mailTradFi giants like Fidelity, JPMorgan, and BlackRock are leading the new wave of RWA tokenization using cryptocurrencies.
“Last week, Fidelity International announced its participation in the JPMorgan token network, becoming the latest institutional player to join the fast-growing tokenization trend. In parallel, BlackRock’s BUIDL, its token liquidity fund, continues to grow and has now raised over $460 million.
Since its launch in March, BlackRock’s BUIDL has outperformed several local crypto players, including Maple Finance’s Cash Management Fund, which focuses on short-term cash instruments. Although Maple has been active in this space for years and recovered from the collapse of its cryptocurrency lending services in 2022, its cash management fund has only raised about $16 million in assets, which pales in comparison to BUIDL.
Looking at the leading cryptocurrency Bitcoin (Bitcoin), Kaiku points out that lower volatility in BTC is a sign of the asset’s maturity.
“Although BTC may have been on a volatile ride driven by macro news last week, it is clear that digital gold has reached a new level of maturity in 2024. This can be seen in its lower volatility, with BTC’s historical 60-day volatility remaining lower.” of 50% since the beginning of 2023. This is in stark contrast to the high volatility in 2022, when volatility exceeded 100%.
BTC is worth $64,527 at the time of writing.
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