Superstate Integrates Chainlink for Tokenized Treasury Fund

Blockchain asset management startup Superstate has capitalized on the tokenization sector with Chainlink’s technology.

The asset manager will use the Chainlink Data Feeds to bring net asset value information for its tokenized treasury fund on-chain. 

Superstate said in the announcement that it intends to use Chainlink’s technology to improve the composability of its Superstate Short Duration U.S. Government Securities Fund.

Thanks to the connectivity, the company may now access off-chain data that is vital for market pricing, utility, and transparency. Superstate’s fund will benefit from Chainlink’s data as the ecosystem embraces decentralized finance and physical assets.

USTB offers exposure to U.S. Treasury assets to eligible investors. Johann Eid, chief business officer at Chainlink Labs, said:

“Superstate is playing a fundamental role in advancing infrastructure and servicing essential aspects of the rapidly growing tokenized asset economy”

In recent months, notable advancements have occurred in the tokenized treasury market, such as BlackRock’s introduction of its USD Institutional Digital Liquidity Fund on Ethereum (ETH).

With more than $513 million in assets under administration, BUIDL is the current industry leader. The second and third largest tokenized U.S. Treasury assets are Franklin On-Chain U.S. Government Money Fund by Franklin Templeton and Ondo U.S. Dollar Yield, according to tokenized market tracking site rwa.xyz.

Ondo Finance’s USDY is currently valued at $299 million, whereas Franklin’s FOBXX has a market capitalization of around $412 million.

Superstate presently manages over $129 million in assets for its tokenized products and is supported by venture capital firms like CoinFund, Arrington Capital, and Cumberland.

With $75 million in market capitalization, the USTB is ranked seventh by rwa.xyz, behind the OpenEden TBILL Vault, Hashnote Duration Yield Coin, and Ondo Short Term U.S. Government Bond Fund.

The market capitalizations of OUSG, USYC, and TBILL are $214 million, $181 million, and $94 million, respectively.