Ethaina Labz Jay Young founder has claimed that the source of the artificial dollar is responsible for 95 % of the recent growth in the Blackrock Treasury Fund. Young revealed this to X while responding to the news that Fedelity wants to release his symbolic box on Ethereum.
according to young manStablecoin exporters will decide the distinctive treasury product platform, and in one way, Ethena Labs seems to choose buidl on Ethereum.
He said:
“Stablecoin’s exporters decide where the demand for these treasury products will sit widely, and Ethena carries more than 60 % of Buidl alone, and it represents 95 %+ of growth in Buidl in the past three weeks.”
Etheina leads the Buidl’s RWA
Buidl, the distinguished treasury product issued by Securitize and Blackrock in March, was on a recent reward. Its assets (AUM) increased by more than 127 % in the last 30 days, allowing it to cross a billion dollar sign.
Most of these gains are due to Ethena Labs, which recently allocated $ 200 million to the product. Interestingly, the customization of Ethina represents more than 60 % of the Buidl value. This is due to the distinctive cabinet product that works as a backup of the USDTB.
according to DeviliaThat Stablecoin launched by Ethaina in December 2024 has already a maximum market of $ 1.182 billion. Unlike the pioneering product of Ethina, USDE, USDTB is similar to regular Stablecoins like Tether usdt and Circle usdc.
However, its backup assets are mostly symbolic treasury boxes instead of physical treasury products. Blackrock Buidl represents more than 70 % of backup asset support USDTB. Other assets that support Stablecoin are USDC, with $ 350.18 million, and only $ 27 of USDT.
Blackrock Buidl approaches two billion dollars as Ethereum performs RWA version
Meanwhile, Blackrock Buidl is now on its way to strike two billion dollars in AUM after the recent developments. Nowadays, Nominal box He has 1.467 billion dollars in the total value of assets after more than weakness last month.
However, a significant increase may witness after winning Sky (previously Makerdao) tokeenization Grand Prix, through which the Defi Linding Spark platform will allocate a billion dollars to symbolic assets. Sky has recently announced Buidl as one of the winners, along with two other symbolic products.
According to advertisementSPARK will allocate $ 500 million to Blackrock Buidl, $ 200 million to Jtrsy and $ 300 million to launch USTB. SteakousE Financial evaluated 39 applicants before choosing these three products, and the final vote for Sky governance is determined on April 3.
If the Sky community agrees to this proposal, it will represent a milestone not only for Buidl but also for the real assets sector (RWA). US Treasury bonds are already linking a total value of $ 4.77 billion and can reach $ 6 billion in the next few weeks.
Interestingly, ETHEREUM still dominates Rwa Activity, with 66.49 % of the market share and $ 4.759 in AUM of 140 products. The network can soon see more products after the leading asset manager in Federation has been applied to the American Securities and Exchange Committee to register the distinguished American market funds that will initially be released on Ethereum.
Fidelity has led some analysts to question the need for a new Blockchain network for RWA when all major assets exporters continue to use Ethereum. BlockWorks Research Analyst Dan Smith He pointed out that the big names continue to choose Ethereum to release them despite the recent ads of chains that are allegedly “improved for RWA”.
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