The Crypto Roundup: 09 October 2023 | CryptoCompare.com

Backed Finance, a Switzerland-based tokenization firm, has launched its tokenized short-term U.S. Treasury product on Coinbase’s Base blockchain, in a move that marks the first time a real-world asset is issued on the network.

Under the provisions of Swiss tokenized securities law, Backed’s blB01 crypto token is a blockchain-based version of BlackRock’s short-term U.S. Treasuries exchange-traded fund (ETF), which offers a 5.25% annual yield to investors.

Only qualified investors and licensed distributors who have completed the firm’s know-your-customer and anti-money laundering procedures can access the tokenized ETF, with US investors and entities being restricted from buying the token.

The tokenization of real-world assets, the practice of wrapping traditional financial assets such as government bonds into tokens on the blockchain, has emerged as a significant trend in the crypto realm this year.

According to a report by Boston Consulting Group, the tokenized asset market could grow to $16 trillion by 2030, with US Treasuries being considered a gateway for this market as numerous crypto firms and decentralized autonomous organizations (DAOs) use these for their high-yield and low risk.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://www.cryptocompare.com/email-updates/daily/2023/oct/09/