Data: Market for Tokenized Treasury Products Surpasses $600 Million

The market for blockchain-based investment products that package U.S. Treasury bills, bonds and money market funds in the form of tokens has a total value of $614 million, according to data from RWA.xyz, reports CoinDesk. CoinDesk says DeFi yields have plummeted during the cryptocurrency market downturn as demand for lending and leverage has tumbled. Meanwhile, bond yields on traditional finance (TradFi) have risen sharply as the Federal Reserve raised interest rates to the highest level since 2007 to combat inflation.

This year, protocols such as OpenEden, Ondo Finance and Maple Finance have released blockchain-based treasury products targeting sophisticated investors, digital asset firms and decentralized autonomous organizations.