Ethereum and One XRP Rival Dominating Institutional Interest for Real-World Asset Tokenization: Bloomberg Analyst
A Bloomberg crypto market analyst says Ethereum (ETH) and one XRP rival are dominating institutional curiosity in real-world belongings issued on public blockchains.
Jamie Coutts says on the social media platform X that conventional finance is driving real-world asset (RWA) tokenization, and he predicts that extra corporations will enter the house quickly.
“Development is off a low base, however it’s rising steadily. Demand can also be emanating from rising markets, which isn’t shocking given stablecoin adoption.”
Coutts notes that the tokenization of US cash market funds is now nearing $700 million in complete worth, up from $100 million initially of the 12 months.
A cash market fund is a sort of mutual fund that seeks yield by investing in extremely liquid short-term debt devices like US treasuries, money and cash-equivalent securities.
Ethereum is the primary alternative of community for tokenized cash market devices within the US, clocking $345 million in worth, although Stellar (XLM) is shut behind with $321.2 million, in response to Coutts. Blockchain scaling answer Polygon (MATIC) ranks third, with $23.7 million.
In response to the Bloomberg analyst, RWA tokenization could possibly be one of many largest drivers for blockchain adoption.
“Ideas: whereas stablecoins are doubtless essentially the most vital driver for blockchain adoption, NFTs (non-fungible tokens), GameFi and now tokenization of real-world belongings (RWA), whereas nascent current immense potential.”
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