Tom Wan: In April, BlackRock's BUIDL assets under management reached US$375 million, surpassing Franklin Templeton's BENJI

According to Golden Finance, Tom Wan, a strategy analyst at 21.co, expressed the following views on the X platform: 1. BlackRock BUIDL surpassed Franklin Templeton's BENJI (FOBXX) in terms of asset management scale, becoming the largest on-chain money market fund. BUIDL grew by 36.5% month-on-month, from $274 million to $375 million, while BENJI's monthly growth was only 2.1%, from $360 million to $368 million. 2. Demand is the key to tokenization. Currently, there is limited demand for tokenized stocks, funds or bonds. Even if the end investors are native to cryptocurrencies, they are reluctant to invest in tokenized stocks given the scarcity of liquidity, and issuers do not see the obvious benefits of tokenizing assets on a chain with low demand. 3. The U.S. Treasury Department positions tokenization. As mentioned earlier, the key issue of tokenization is to guide demand and liquidity. Given the existing demand for US Treasuries in the crypto space, such as Ondo (~$350M), stablecoin issuers such as Circle/Tether/Mountainprotocol ($140B), it is easier to find end investors to convert. This is also a good strategy for Blackrock. Ondo is now the largest holder of BUIDL 4. Forecast: Dominance of tokenized government securities will increase from 1% to 10%, in January 2023, tokenized government securities only accounted for 0.1% of the total tokenized value. Today, it accounts for ~1.4% of the total token value. In my opinion, stablecoin issuers using BUIDL would be the next natural step, with the potential to become a reserve fund for crypto assets, currently holding more than $20B in stablecoins.