Superstate, a company that manages assets using blockchain technology, has recently integrated Chainlink’s technology into its operations to tap into the growing tokenization market. By utilizing Chainlink’s Data Feeds, Superstate will be able to bring net asset value data for its tokenized treasury fund onto the blockchain, enhancing the Superstate Short Duration US Government Securities Fund.
This integration with Chainlink allows Superstate to access important off-chain data that is necessary for market pricing, utility, and transparency. This move is crucial as the tokenization market is rapidly expanding, with Chainlink’s data helping Superstate attract more investors to its fund in a decentralized finance ecosystem that is embracing real-world assets.
Johann Eid, the chief business officer at Chainlink Labs, commented on Superstate’s role in advancing infrastructure and servicing the growing tokenized asset economy. Superstate’s USTB provides investors with exposure to U.S. treasury assets, contributing to the development of the tokenized treasury market.
In recent months, the tokenized treasury market has seen significant developments, with BlackRock launching its USD Institutional Digital Liquidity Fund on Ethereum (ETH). BUIDL is currently the sector leader with over $513 million in assets under management. Other notable tokenized U.S. Treasury assets include Franklin Templeton’s Franklin On-Chain U.S. Government Money Fund (FOBXX) with a market cap of over $412 million and Ondo Finance’s USDY with $299 million market cap.
Superstate, supported by venture capital firms like CoinFund, Arrington Capital, and Cumberland, manages over $129 million in assets for its tokenized products. The USTB fund ranks seventh by market cap according to rwa.xyz, with $75 million, behind other funds like Ondo Short Term U.S. Government Bond Fund, Hashnote Duration Yield Coin, and OpenEden TBILL Vault.
Overall, the integration of Chainlink’s technology by Superstate underscores the company’s commitment to leveraging innovative solutions to enhance its asset management services in the evolving tokenization market. As blockchain technology continues to transform the financial landscape, Superstate’s strategic move positions it well to capitalize on the growing demand for tokenized assets.