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.
“Progress is off a low base, however it’s rising steadily. Demand can be emanating from rising markets, which isn’t stunning given stablecoin adoption.”
Coutts notes that the tokenization of US cash market funds is now nearing $700 million in whole worth, up from $100 million at the beginning 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 selection 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, based on Coutts. Blockchain scaling resolution Polygon (MATIC) ranks third, with $23.7 million.
In accordance with the Bloomberg analyst, RWA tokenization may very well be one of many largest drivers for blockchain adoption.
“Ideas: whereas stablecoins are seemingly probably the most important 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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