Demand for tokenized versions of U.S. Treasury bonds is soaring as rising yields in traditional financial markets attract fresh capital from crypto investors. The combined market capitalization of tokenized money market funds nears $500 million, and has quadrupled in size this year, shows the data. Investors have been flocking to these funds for their perceived safety from failing banks and their 4-5% interest rate offering compared to bank deposits. The first and largest offering, investment giant Franklin Templeton’s Franklin OnChain U.S. Government Money Fund (FOBXX) grew to $276 million in assets as of the end of April.
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