Recent data from RWA.xyz reveals that six entities dominate the market for tokenized US Treasurys, accounting for a substantial 88% of the total issuance. BlackRock stands out as the largest issuer, with its tokenized US treasury fund, BUIDL, boasting a market cap of $2.5 billion, which is significantly larger than its closest competitor. Other notable entities include Franklin Templeton, Superstate, Ondo, and Circle, whose combined assets contribute to this market concentration. The data indicates a general trend of consolidation among the leading funds since the start of 2025, with BUIDL's market cap increasing sharply by 291% in the first quarter alone. Concerns about the centralization of tokenized real-world assets (RWAs) have been expressed, particularly regarding the risks posed by permissioned or semi-centralized blockchains, which might allow authorities to impose restrictions on these assets. Despite the growth in tokenized RWAs driven by regulatory clarity and liquidity solutions, the sector's evolution may still face significant challenges due to its ties to traditional legal frameworks.

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