Update on tokenized public securities
As always you can check my Tokenized Public Securities dashboard on Dune. MatrixDock, OpenEden and Gnosis Chain for Backed have been added.
Here is the TL;DR of what happened the last weeks in this space. Things are starting to move.
Ondo/Flux
Ondo flagship product, OUSG, is now reaching $100M.
Flux didn’t have the same growth showing that most OUSG investor just want exposure to treasuries (92% of fOUSG seems coming from an Ondo related wallet).
fUSDC is discussed for inclusion as collateral on Aave v3.
Lastly, Ondo will soon launch OMMF, which is a whitelisted rebase token (always $1) on top of a MMF.
Franklin Templeton
Franklin OnChain U.S. Government Money Fund was already tokenized on Stellar (>$200M AuM) and is now launched on Polygon (which Polygon chain remains an open question).
They also proposed MakerDAO to invest in it which is pretty cool, but it is not clear how that will be done.
Backed Finance
Quite some activity on the Backed Finance front as token issued are going above $3M market cap (and that doesn’t count bIBTA).
Gnosis Chain is getting active as some bIB01, bIBTA and bCSPX are minted there by a market maker selling them to a safe through CowSwap. A little liquidity was put on Swapr and Sushi but nothing fancy.
Ribbon Finance relaunched R-USDC vault has started deploying $2M USDC in bIB01. Backed pre-minted the tokens but the trade is not yet completed.
Chainlink has also deployed Sepolia Testnet oracles for IB01, IBTA and CSPX.
Angle Protocol is currently voting on adding bIB01 as collateral with whitelisted liquidators and a small 200k€ debt ceiling to start.
On Ethereum, secondary liquidity for bIB01 is still ultra thin ($8k) and market price of IB01 is catching on-chain price of bIB01. bCSPX ($8k liquidity) is also at market price while bCOIN liquidity has vanished.
Meanwhile, the bCSPX liquidity on Arbitrum is at least trading even if it’s just ETH/USDC arbitrage.