BlackRock's BUIDL and Franklin Templeton's BENJI now account for more than $3.4B combined as tokenized Treasuries expand past early estimates.
Alpha Score of 66 reflects moderate overall profile with strong momentum, weak value, moderate quality, strong sentiment.
BlackRock's BUIDL and Franklin Templeton's BENJI posted the largest market cap gains among tokenized US Treasury products over the past day. BUIDL now holds about $2.7B in assets. BENJI has roughly $727M.
The tokenized Treasury market has grown from under $1B in early 2024 to an estimated $10B to $17B, according to data from rwa.xyz. BUIDL, launched on Ethereum in March 2024, accounts for about 40% of that market. BENJI, a registered mutual fund that started in April 2021, holds about 10%.
Both tokens maintain a $1 net asset value. Yield is distributed through periodic minting. BUIDL's 7-day annualized yield is 3.42%. BENJI's is 3.55%.
BENJI's minimum investment is $20. BUIDL requires $5 million, limiting it to qualified US purchasers. The low entry point gives retail investors direct access to Treasury yields without the high minimums of traditional bond funds. Tokenized Treasuries also settle 24/7, unlike conventional markets that close on weekends.
The growth of tokenized Treasuries is part of a broader shift in crypto market analysis. BUIDL and BENJI together now represent more than half of the on-chain Treasury product space.
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