【Is the crypto mogul starting to hoard U.S. Treasury bonds?😱】
In the past 18 months, on-chain U.S. Treasury bonds skyrocketed from 2 billion to 9 billion! BlackRock, Franklin Templeton, and Circle have quietly 'stuffed' Treasury bonds into the blockchain.
Previously, the DeFi circle used to say: 'Those of us in crypto don't need that traditional Treasury stuff!'
Now they've quietly changed their tune: 'Well... Treasury bonds are really nice! The yield is nearly 4%👀'
Now these 9 billion Treasury bonds have been sliced into 60,000 'on-chain cookies', scattered across various crypto products:
• BlackRock set up a nearly 3 billion BUIDL fund, and Binance is using it as collateral
• Franklin Templeton is going big — moving the fund's ledger onto the blockchain
• Circle's Treasury bond token has quietly surpassed 1.3 billion, specifically for institutions as derivative collateral
• JPMorgan also joined the fun, creating a 100 million money market fund on Ethereum
A shift in the narrative:
Previously, DeFi used 'wrapped Bitcoin' and 'staked Ethereum' as collateral;
Now, Wall Street elites are breaking down Treasury bonds into 'on-chain Legos', rebuilding a 'Wall Street division' in the crypto world🏗️
But there's a small issue:
Most of these 'on-chain Treasury bonds' require KYC, have redemption thresholds, and cannot be freely combined like cryptocurrencies. It's a 'semi-open party' — you need an invitation to play🎫
In simple terms: Traditional finance is secretly 'compressing' itself into the blockchain, while the crypto circle is saying 'no no', yet is happily catching this 9 billion 'compliance gift package'🎁
