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How did Tokenized TBills grow AUM by 42% in 2 months?

A few months ago, I published a post on the apparent stalling of onchain TBill market growth and pointed out challenges re onboarding DAOs as clients and higher cost structure vs traditional products. 


Things have changed dramatically since.


Tokenized TBills product AUM.

2024 Feb: $860 million 

2024 Apr: $1,230 million


The AUM of tokenized TBill shot up by over 42% within 2 months.


When something as dramatic as this happens, something big is usually behind it. It’s time to revisit the market. So what happened in the past 2 months that added about $400 million to market size? And what does that tell us about the direction of the market?


Here are the 3 interesting things I found about this new market structure. 


  1. Current tokenized TBill market is dominated by 3 participants, making up over 73% of the market

  2. The +$400 million growth in the last 2 months was due to 2 projects in particular

  3. The 2 drivers that brought in this additional inflow are likely to continue to scale the overall size of the asset class


Let’s dig in.


The Big Three

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