Woo X cryptocurrency exchange has introduced tokenized Treasury Bills (T-Bills), becoming the first protocol to offer this service to retail investors. The new offering allows users to earn yield through RWA Earn Vaults by holding USDC, which is backed by U.S. Treasury Bills. The vaults provide an APR of 4.5% to 4.7% for USDC holders. This initiative was launched in partnership with OpenTrade, a tokenization platform supported by Circle, the issuer of USDC.
RWAs were the second most profitable narrative in the crypto industry during the first quarter of 2024, after the memecoin narrative. The sector has attracted institutional interest, with BlackRock launching a USD Institutional Digital Liquidity Fund worth over $298 million. Additionally, over $1 billion worth of U.S. Treasuries have been tokenized through various products, indicating a growing trend in the market.
Tokenized Government Securities. Source: Dune
Franklin Templeton's Franklin OnChain U.S. Government Money Fund (FOBXX) is currently the largest treasury tokenization fund, valued at over $390 million.
