WisdomTree Launched EthereumWisdomTree Connect is a blockchain-based platform that tokenizes real-world assets. Sept. 18.
It is the platform’s aim to enable customers to interact on multiple blockchains with WisdomTree tokens.
WisdomTree Connect allows firms to access yield-generating products on-chain with blockchain-integrated recordkeeping. In their wallets, firms receive a digital record of WisdomTree’s digital funds. The tokens are either self-hosted by the firm or stored with a third-party custody service.
Will Peck stated, as the Head of Digital Assets for WisdomTree said, that an increasing demand in real-world tokenized assets led to the creation of WisdomTree Connect.
He added that this opens additional business-to-business (B2B) and business-to-business-to-consumer (B2B2C) opportunities for WisdomTree to provide on-chain firms with access to digital funds without leaving the ecosystem.
According to the announcement, initially it will support web portals and API access. However, future plans are also planned for decentralized application interactions (dApp). Users can redeem or purchase USDC or USD coins via institutional users.
WisdomTree Connect, the digital asset management app that the company offers to its direct-to-retail customers, WisdomTree Prime complements this. It provides solutions for all types of clients.
WisdomTree could migrate to Ethereum
The following is a list of RWA.xyzThe total value of the tokenized US Treasury securities is more than $2.2 billion. WisdomTree offers seven tokenized products totaling $12.2 million. The firm is not among the top 10 tokenizers.
Asset managers offer a range of products, from short to long term Treasury bonds. Liquidity maturing within 7-10 years.
Six of WisdomTree’s seven products are distributed on the Stellar Blockchain, while WisdomTree Connect uses Ethereum to mint tokens.
While the announcement confirms plans to support additional blockchains, it does not clarify whether WisdomTree’s existing products will be moved to Ethereum.
Stellar, the second largest blockchain for US Treasury tokenizations, has deployed $426.5 Million worth of US T-bills as tokens. This was largely due to its popularity. Franklin Templeton’s Tokenized fund FOBXX
Ethereum has over $1.6 Billion in digitally represented U.S. Treasuries. BlackRock BUIDL Fund, which has a total of $521,000,000 worth of tokenized shares.
WisdomTree has plans to integrate tokens and dApps. A migration to Ethereum makes sense, because its ecosystem decentralized is the biggest by value.
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Source: cryptoslate.com