Superstate integrates Chainlink for tokenized treasury fund

Superstate, a blockchain-based asset management firm, has integrated Chainlink’s technology as it taps into the growing tokenization market.

The asset manager will leverage the Chainlink (LINK) Data Feeds to bring net asset value data for its tokenized treasury fund on-chain. In the announcement Superstate stated it aims to enhance the composability of its Superstate Short Duration US Government Securities Fund by utilizing Chainlink’s technology.

The integration enables the firm to access crucial off-chain data, essential for market pricing, utility, and transparency.

Rapidly growing tokenization market

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

“Superstate is playing a fundamental role in advancing infrastructure and servicing essential aspects of the rapidly growing tokenized asset economy,” Johann Eid, chief bBusiness officer at Chainlink Labs, said.

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

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

Superstate, backed by venture capital firms such as CoinFund, Arrington Capital, and Cumberland, currently manages over $129 million in assets for its tokenized products. Its USTB ranks seventh by market cap per rwa.xyz with $75 million, trailing the Ondo Short Term U.S. Government Bond Fund, Hashnote Duration Yield Coin, and OpenEden TBILL Vault.

OUSG, USYC, and TBILL have market caps of $214 million, $181 million, and $94 million, respectively.