Superstate integrates Chainlink for tokenized treasury fund

Blockchain-based asset management firm Superstate has integrated Chainlink’s technology to capitalize on the growing tokenization market.

The asset manager will use Chainlink (LINK) Data Feeds to bring net asset value data for its tokenized treasury fund onto the chain. In its announcement, Superstate stated that it aims to increase composability of the Superstate Short-Term U.S. Government Securities Fund by using Chainlink’s technology.

This integration gives the firm access to critical off-chain data that is important for market pricing, utility, and transparency.

Fast growing tokenization market

Chainlink’s data will help Superstate’s fund gain more momentum as the ecosystem embraces decentralized finance and real-world assets. USTB provides qualified investors with exposure to U.S. treasury assets.

“Superstate plays a fundamental role in developing the infrastructure and serving key aspects of the rapidly growing tokenized asset economy,” said Johann Eid, chief bBusiness officer at Chainlink Labs.

The tokenized treasury market has witnessed significant developments in recent months, including BlackRock’s launch of its USD Institutional Digital Liquidity Fund on Ethereum (ETH). BUIDL currently leads the industry with over $513 million in assets under management.

According to tokenized market tracking site rwa.xyz, Franklin Templeton’s Franklin On-Chain US Government Money Fund and Ondo US Dollar Yield are the second and third largest tokenized US Treasury assets. Franklin’s FOBXX has a market cap of over $412 million, while Ondo Finance’s USDY is currently valued at $299 million.

Backed by venture capital firms like CoinFund, Arrington Capital, and Cumberland, Superstate currently manages over $129 million in assets for its tokenized products. Its USTB ranks seventh in terms of market cap at $75 million, per rwa.xyz, falling behind Ondo Short Term US Government Bond Fund, Hashnote Duration Yield Coin, and OpenEden TBILL Vault.

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