Superstate, a blockchain-based asset management company, has integrated Chainlink technology as part of its push to tap into the growing token market.
The asset manager will leverage Chainlink (LINK) data feeds to bring NAV data for the tokenized treasury fund on-chain. advertisement Superstate has announced that it aims to enhance the composability of the Superstate Short Duration US Government Securities Fund by leveraging Chainlink technology.
The integration gives the company access to off-chain data that is vital to market pricing, utilities, and transparency.
Fast growing token market
Chainlink data will help Superstate gain further traction for its fund as the ecosystem embraces decentralized finance and real-world assets. USTB provides qualified investors with exposure to U.S. Treasury assets.
“Superstate plays a pivotal role in developing infrastructure and serving core aspects of the rapidly growing token economy,” said Johan Eid, Chief Business Officer at Chainlink Labs.
The tokenized treasury market has seen significant developments in recent months, including BlackRock’s launch of a USD institutional digital liquidity fund on Ethereum (ETH). BUIDL currently leads the sector with over $513 million in assets under management.
According to the token market tracking site rwa.xyzFranklin Templeton’s Franklin On-Chain U.S. Treasury Fund and Ondo US Dollar Yield are the second and third largest U.S. Treasury token assets. Franklin’s FOBXX has a market cap of over $412 million, while Ondo Finance’s USDY is currently at $299 million.
Superstate, which is backed by venture capital firms CoinFund, Arrington Capital, and Cumberland, currently manages over $129 million in assets for its tokenized products. USTB is ranked 7th in terms of market cap per rwa.xyz at $75 million, behind Ondo Short Term US Government Bond Fund, Hashnote Duration Yield Coin, and OpenEden TBILL Vault.
The market caps of OUGS, USYC, and TBILL are $214 million, $181 million, and $94 million, respectively.
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