Welcome to the Tokenized Roundup weekly newsletter. If you want to keep up-to-date on the latest announcements, content and threads surrounding tokenized assets and the real-world asset space in general please subscribe below.
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Hope everyone had a relaxing long weekend! We’re going to start posting on Wednesdays from now on, so this issue has an extra day than normal. We still plan to post on a weekly basis so keep an eye out for an issue being released during the middle of the week, forever?
Today we saw stablecoin protocol UXD diversify their insurance fund with $5M of the fresh-out-of-beta OpenEden $TBILL. We also saw a large amount of threads talking about the RWA space, as well as some news articles and research that we didn’t see last week.
In terms of data, you will notice that there wasn’t any major difference in terms of TVL this week with Maple, Clearpool and Credix having the only size-able gains.
Going through the analytics this week I’ve noticed there is some conflicting data across platforms. Currently I’m tracking via DefiLlama, rwa.xyz and Dune so we’ll see if I need to add, subtract or compare across numbers to give a more accurate representation of the current status in the future.
*Note - you may need to open this week’s Tokenized Roundup in browser as it may be too long for email*
DefiLlama
There’s still only 16 protocols that fall under the “RWA” category in DefiLlama. Of the top 10 we still see Ondo, RealT and MatrixDock leading - and if you look at the 7d Change column almost all protocols have remained flat except Toucan has dropped -13%.
Top protocols such as Centrifuge, Goldfinch and Credix are found in the “Rwa lending” category. Centrifuge and Goldfinch remained stagnant this week with Credix seeing a decent +5.5% bump.
Finally, we find protocols such as Maple and Clearpool in the “Uncollateralized lending” category. Maple and Clearpool both saw sizable TVL gains this week with +7% and +9% respectively.
In general I expect this categories and the amount of data available to improve once the sector continues to gain traction and more protocols begin to deploy.
rwa.xyz
Current LVO (Loans Value Outstanding) - $518M (last week was $512M)
Current WA (Weighted Average) Base Yield - 9.24% (last week was 9.24%)
Current LVO got a slight $6M bump up but is still low compared to Historical numbers, while WA Base Yield is relatively similar.
“Active Loans Value by Sector” section shows the most popular sectors for active loans are still Consumer ($154M) and Auto ($145M).
Sorted by Active Loans - Centrifuge is the leader with $201M, then Maple with $135M and Goldfinch with $103M. Taking a look at the Total Loans column however you can see that Maple and TrueFi have historically provided the largest sum of loans within the industry.
Dune “Tokenized Securities” Dashboard
This week we’re adding a Dune dashboard by Steakhouse Financial that tracks projects tokenizing public securities. Currently there are 7 projects being tracked: Ondo, Matrixdock, OpenEden, Backed, Maple, Franklin Templeton and Swarm.
The current market cap of all the security token products is $198.5M with a 30d growth of 13%.
Ondo is leading all issuers w/ a 52% market share, with Matrixdock in second with 36%.
Getting more granular, the two specific products with the majority of marketshare are “Ondo Short-Term US Govt Bonds” and “Matrixdock Short-Term T-Bills” with combined 89% marketshare.
Roundup (5/23-5/31)
Popular newsletter “MilkRoad” section on Tokenized Securities:
Tokenized US Treasury Bills are thriving on Ethereum:
OpenEden TBILL Vault is now open to Whitelisted users:
Polytrade hits $178k in Maximum Invoice Value Funded:
Clearpool protocol growth since March 2023:
DeFi loans collateralized by US Treasuries compared to other assets:
Circle’s case study on increasing access to capital in emerging markets:
The Defiant covers the explosive growth of tokenized securities:
Maple Finance Cash Management pool is live and kicks off first loan:
Wallfacer Labs research on structured finance within DeFi:
Tarsadia Investments latest report has a section for real-world assets:
Red Swan CRE launching launching its token studio on Hedera for RWA Tokenization:
Whitelist signups live for HiYield:
Why RWAs (Real World Assets) will onboard the next $1 Trillion into crypto:
RWA product being built on Tron:
UXD Protocol is diversifying its insurance fund with $5M of the OpenEden TBILL Vault:
Podcasts/Twitter Spaces (5/23-5/31)
Tokenized assets and ownership: Galileo Protocol x Polytrade:
DeFi lending protocols that bridge the gap between crypto and TradFi (Maple & Goldfinch):
Unlocking the key to real-world asset tokenization:
Threads (5/23-5/31)
OpenEden on what the US Debt Ceiling impasse means for markets:
Benny Options on where we currently stand and what the future holds for Tokenized RWA:
Polytrade on why RWA will onboard the next $1 Trillion into crypto:
Wagmi Ventures on the main players in the tokenized money market trend:
Scott Lewis on the possibility of tokenized t-bills protocolizing stablecoins:
Temmy on mastering the RWA narrative in DeFi:
Hayles on maximizing your real estate investments with RWAs:
Third volume of Sun Tzu's Art of RWA:
Commodity super-cycle and how RWA could ride it:
Hercules deep dive into LandX:
How Florence Finance is innovating the RWA space:
This newsletter is for educational purposes only, and should never in any way be considered as financial or investment advice.
Thanks for reading!