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New data from RWA.xyz, a platform tracking tokenized real-world assets, shows 
that six entities are responsible for 88% of all tokenized US Treasurys. The 
data suggests a concentration among a few funds as the market continues to 
develop.
The largest issuer of tokenized treasures continues to be BlackRock. The 
company&#8217;s tokenized US treasury fund, called BUIDL, has a market 
capitalization of $2.5 billion, 360% higher than its nearest competitor. 
BlackRock disclosed a total of $11.6 trillion in assets under management in 
the first quarter of 2025.
Rounding out the top six are Franklin Templeton&#8217;s BENJI, with a market 
capitalization of $707 million, Superstate&#8217;s USTB at $661 million, Ondo&#8217;s USDY 
at $586 million, Circle&#8217;s USYC at $487 million, and Ondo&#8217;s OUSG fund holding 
assets worth $424 million. Together, those six funds account for 88% of all 
tokenized treasuries issued.
_A chart of the top six tokenized treasury funds by market cap. 
Source:__RWA.xyz_
According to RWA.xyz data, the largest tokenized treasury funds have seen 
consolidation since the beginning of 2025. Of the top six funds, only Circle&#8217;s 
USYC experienced a decline in market cap over the past few months.
Notably, BUIDL&#8217;s market cap increased by 291% from Jan. 1 to April 24. It now 
makes up 41.1% of the total tokenized US Treasurys market cap.
_Tokenized treasury funds market cap over time graph. Source:__RWA.xyz_
## Centralization of tokenized RWAs has a dark side: MEXC
According to Tracy Jin, chief operating officer of MEXC, the centralization of 
tokenized real-world assets has a dark side, especially if those RWAs are on 
permissioned or semi-centralized blockchains.
&#8220;Most tokenized assets will be issued on permissioned or semi-centralized 
blockchains,&#8221; Jin told Cointelegraph. &#8220;This gives authorities the power to 
issue restrictions or confiscate assets. The tokenization of assets such as 
real estate or bonds is still tied to the national legal system.&#8221;
The tokenized real-world asset market is expected to boom in 2025. The trend 
is driven by regulatory clarity, interoperability, solutions for liquidity, 
the evolution of identity from physical to digital, and even fractional 
ownership. According to RWA.xyz, the sector total market cap reached a high of 
$21.3 billion on April 21.
_**Magazine: Tokenizing music royalties as NFTs could help the next Taylor 
Swift**_

BlackRock, five others account for 88% of all tokenized treasury issuance

In April, many crypto market observers were writing about an ongoing 
decoupling or divergence of Bitcoin from equities, meaning that the trajectory 
of Bitcoin’s price took a different direction compared to stocks and equities. 
Bitcoin and Gold are up, while…

Bitcoin, gold rise while stocks fall: is decoupling here to stay?

Cryptocurrency firms and centralized exchanges are launching more traditional 
investment offerings, bridging the divide between traditional financial and 
digital assets.
With investors seeking more flexible product offerings under one platform, the 
&#8220;line is blurring&#8221; between traditional finance (TradFi) and the cryptocurrency 
space, as the two financial paradigms signal a &#8220;growing synergy,&#8221; according to 
Gracy Chen, CEO of Bitget, the world&#8217;s sixth-largest crypto exchange.
In the wider crypto space, Securitize partnered with Mantle protocol to launch 
an institutional fund that will generate yield on a basket of diverse 
cryptocurrencies, similar to how traditional index funds track a mix of 
stocks.
The developments come after crypto investor sentiment staged a significant 
recovery, moving from &#8220;fear&#8221; to &#8220;neutral&#8221; for the first time since January 
2025.
_Fear &amp; Greed Index chart. Source: __CoinMarketCap_
Investor sentiment was bolstered after US President Donald Trump said that 
import tariffs on Chinese goods will &#8220;come down substantially,&#8221; adopting a 
softer tone in negotiations for the first time since the reciprocal tariff 
announcement.
## Crypto firms moving into Wall Street territory
Cryptocurrency firms and exchanges are increasingly moving into Wall Street 
territory, launching more traditional investment offerings and showcasing the 
increasing connection between crypto and traditional finance (TradFi).
&#8220;There&#8217;s a growing synergy between traditional financial investments and the 
emerging crypto space,&#8221; according to Gracy Chen, the CEO of Bitget, the 
world&#8217;s sixth-largest crypto exchange.
&#8220;Crypto players are now checking out traditional finance as they see the 
opportunity to bridge it,&#8221; Chen told Cointelegraph.
&#8220;The lines are blurring. Investors want flexibility, and products that can 
straddle both worlds are naturally attractive,&#8221; Chen said. &#8220;Some players see 
TradFi as a safety net; others, like Bitget, see it as a launchpad for broader 
adoption.&#8221; She added:
&gt; &#8220;In a volatile market, integration is smarter than isolation.&#8221;
**Continue reading**
## Securitize, Mantle launch institutional crypto fund
Tokenization platform Securitize partnered with decentralized finance (DeFi) 
protocol Mantle to launch an institutional fund designed to earn yield on a 
diverse basket of cryptocurrencies, the companies said.
Similar to how a traditional index fund tracks a mix of stocks, the Mantle 
Index Four (MI4) Fund aims to offer investors exposure to cryptocurrencies, 
including Bitcoin (BTC), Ether (ETH), and Solana (SOL), as well as stablecoins 
tracking the US dollar, Securitize said in an April 24 announcement.
The fund also integrates liquid staking tokens &#8212; including Mantle&#8217;s mETH, 
Bybit&#8217;s bbSOL, and Ethena&#8217;s USDe &#8212; in a bid to enhance returns with onchain 
yield, according to the announcement.
The launch comes as retail and institutions alike increase exposure to 
cryptocurrencies, particularly Bitcoin, as a hedge amid escalating 
macroeconomic uncertainty.
**Continue reading**
## Mantra says CEO has begun the process of burning his 150 million OM tokens
Mantra founder and CEO John Patrick Mullin has started unstaking 150 million 
of his Mantra (OM) tokens in preparation for sending them to a burn address in 
an attempt to restore the token&#8217;s value by tightening supply.
Mantra announced on April 21 that the unstaking process had begun, and would 
be completed by April 29, at which point Mullin&#8217;s Mantra (OM) tokens will be 
sent to the burn address and permanently removed from circulating supply.
_Source:__John Patrick Mullin_
Mullin said it was a &#8220;first step in rebuilding trust with the community, but 
far from the last.&#8221;
Mantra said it was also in talks with &#8220;key ecosystem partners&#8221; about burning a 
further 150 million OM to bring the total burn amount to 300 million.
With 150 million fewer OM, Mantra&#8217;s total supply will decline to 1.67 billion, 
and its number of staked tokens will drop by over 26% to 421.8 million OM from 
571.8 million OM.
**Continue reading**
## Symbiotic raises $29 million for staking-based universal coordination layer
Cryptocurrency staking protocol Symbiotic closed a $29 million Series A 
funding round led by Web3-focused investment firms, including Pantera Capital 
and Coinbase Ventures, to support the launch of a new economic coordination 
layer for blockchain security.
The round included more than 100 angel investors, with participation by major 
industry players Aave, Polygon and StarkWare, the company said in an April 23 
announcement shared with Cointelegraph.
The closing of the funding round also marks the launch of Symbiotic&#8217;s 
Universal Staking Framework, which aims to be an economic coordination layer 
that bolsters blockchain security via staking.
The new staking layer enables the use of any combination of cryptocurrencies 
to secure networks, including monolithic and modular layer-1 and layer-2 
blockchains, the announcement said.
&#8220;We&#8217;ve created a modular framework that lets protocols evolve security models 
over time while efficiently coordinating risk,&#8221; Misha Putiatin, co-founder of 
Symbiotic, told Cointelegraph. &#8220;This empowers protocols at every stage of 
their lifecycle to evolve their security models seamlessly without rebuilding 
infrastructure.&#8221;
**Continue reading**
## SEC delays decision on Polkadot ETF
The US Securities and Exchange Commission (SEC) delayed a decision on whether 
to approve a proposed exchange-traded fund (ETF) holding Polkadot&#8217;s native 
token, regulatory filings show.
According to an April 24 filing, the regulator has extended its deadline for a 
final ruling until June 11, nearly four months after the Nasdaq sought 
permission to list Grayscale Polkadot Trust on Feb. 24.
Grayscale&#8217;s ETF filing adds to a roster of about 70 proposed ETFs awaiting SEC 
approval, including funds holding altcoins, memecoins and crypto-related 
financial derivatives, according to Bloomberg Intelligence. 
Asset managers are pitching ETFs for &#8220;[e]verything from XRP, Litecoin and 
Solana to Penguins, Doge and 2x Melania and everything in between,&#8221; Bloomberg 
analyst Eric Balchunas said in an April 21 post on the X platform. Asset 
manager 21Shares is also awaiting permission to list its own Polkadot ETF.
**Continue reading**
## DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 
100 largest cryptocurrencies by market capitalization ended the week in the 
green.
The Official Trump (TRUMP) token rose over 73% as the week&#8217;s biggest gainer, 
after the president announced an exclusive in-person dinner for the top 
tokenholders. The Sui (SUI) token rose over 69% as the week&#8217;s second-best 
performing token.
_Total value locked in DeFi. Source: DefiLlama_
Thanks for reading our summary of this week&#8217;s most impactful DeFi 
developments. Join us next Friday for more stories, insights and education 
regarding this dynamically advancing space.

Crypto firms launch Wall Street-style funds: Finance Redefined

The Pudgy Penguins token has bounced back this week, soaring to its highest 
level since February as its NFT sales have jumped. Pudgy Penguins (PENGU) 
price soared to a high of $0.010, up over 167% from its lowest level this…

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Trump Coin recently surged with an aggressive impulsive rally, but signs now 
point to a potential local top. Technical confluences suggest a bearish retest 
is underway with increased downside risk. Trump Coin (TRUMP) has experienced a 
powerful upward surge, but…