New data from Rwa.xyz, a platform that followed assets in real tokenized tokenized, shows that six entities are responsible for 88% of all the US Treasury tokenized. The data suggests a concentration between a few funds while the market continues to develop.
The biggest token treasure transmitter continues to be BlackRock. The company’s US Treasury Fund, called Buidl, has a market capitalization of $ 2.5 billion, 360% higher than its nearest competitor. Blackrock revealed a total of 11.6 billions of dollars of assets under management in the first quarter of 2025.
Benji de Franklin Templeton, with a market capitalization of Franklin Templeton, with a market capitalization of $ 707 million, USTB of superstate at $ 661 million, USDY of Ondo, at $ 586 million, Circle’s Usyc at $ 487 million and the Ousg of Ondo Fund holding assets of 424 million Dollars. Together, these six funds represent 88% of all the tokenized treasure vouchers issued.
According to Rwa.xyz data, the most important tokenized cash flow funds have experienced the consolidation since the start of 2025. Of the best six funds, only Usyc de Circle experienced a drop in market capitalization in recent months.
In particular, the Buidl market capitalization increased from 291% from January 1 to April 24. It now represents 41.1% of the total market capitalization of the US Treasury.
Centralization of token Rwas has a dark side: Mexc
According to Tracy Jin, head of the MEXC exploitation, the centralization of active world tokenized has a dark side, especially if these rwas are on authorized or semi-centralized blockchains.
“Most tokenized assets will be issued on authorized or semi-centralized blockchains,” Jin told Cintelegraph. “This gives authorities the power to issue restrictions or confiscate assets. The tokenization of assets such as real estate or bonds is always linked to the national legal system.”
The tokenized active asset market should explode in 2025. The trend is motivated by regulatory clarity, interoperability, liquidity solutions, the evolution of the identity of the physical to digital and even fractional property. According to Rwa.xyz, total market capitalization in the sector reached a summit of $ 21.3 billion on April 21.
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