According to ChainCatcher news, as reported by Cointelegraph, data from RWA.xyz shows that six entities hold 88% of tokenized U.S. Treasury bonds. The largest issuer of tokenized wealth remains BlackRock. The market capitalization of the company's tokenized U.S. Treasury bond fund BUIDL is $2.5 billion, which is 360% higher than its closest competitor. The top six funds also include:Franklin Templeton's BENJI, with a market cap of $707 million;Superstate's USTB, with a market cap of $661 million;Ondo's USDY, with a market cap of $586 million;Circle's USYC, with a market cap of $487 million;Ondo's OUSG fund, with a market cap of $424 million.These six funds account for 88% of the total issuance of tokenized Treasury bonds.

ChainCatcher news, according to Jin10 data, Japan's 30-year government bond yield has risen to 2.37%, the highest level since October 2008.

ChainCatcher news, according to The Block, analysts from research and brokerage firm Bernstein pointed out that President Trump's statements regarding cryptocurrency reserves have evolved from "Bitcoin as a national reserve" during the campaign to "national digital asset reserves," and recently to "cryptocurrency strategic reserves." Analyst Gautam Chhugani stated in a client report released on Monday: "It is currently unclear whether a strategic reserve can be created solely through a presidential executive order. If it involves the Federal Reserve's balance sheet, specific legislation would be required from Congress."While there are views that the U.S. Treasury's Exchange Stabilization Fund could be used to purchase cryptocurrencies without the need for immediate congressional approval, the fund's primary responsibilities are managing foreign exchange and maintaining financial stability, and using it for crypto reserves may face legal and political challenges. If crypto reserves are approved by Congress, Bernstein analysts proposed several potential sources of funding, including re-evaluating and reallocating gold reserves, issuing government bonds, reallocating Federal Reserve balance sheet funds, or collaborating with U.S. institutional asset managers.Regarding asset allocation methods, analysts suggested a market-cap weighted distribution: 75% allocated to Bitcoin, 11% to Ethereum, 4% to Solana, and the remaining 10% to other assets. Bernstein analysts believe: "A realistic path may be for the U.S. government to persuade Congress to accept Bitcoin as a new form of digital gold/global store of value and to conduct a gold re-evaluation/gold reserve reallocation."

ChainCatcher news, the yield on the U.S. three-year Treasury bond has fallen below 4% for the first time since October last year.In addition, the yield on the U.S. ten-year Treasury bond has dropped to an 18-day low, recently down 6.5 basis points to 4.222%; the two-year Treasury bond yield has fallen below 4%, reaching its lowest level since October 21 of last year, recently down 8.5 basis points to 3.995%. (Jin Ten)

ChainCatcher news, according to ledgerinsights, Thailand's Finance Minister Pichai Chunhavajira stated that the government plans to directly issue 5 billion baht (148 million USD) in government bonds to the public before the end of the fiscal year (September 30). The initial issuance will be regarded as a sandbox project and can be traded on a digital bond platform.The minister said, "We will allow retail investors to participate, regardless of their financial situation. They can invest any amount and trade directly on the platform, bypassing traditional bank counters. There are currently many platforms available, and with private sector participation, we expect management costs to decrease, with a minimum investment amount of 1,000 baht."In addition, the minister mentioned that the government is considering merging the Securities Act with the Digital Assets Act.

ChainCatcher news, Bitwise CEO Hunter Horsley posted on X that there are national governments inquiring about Bitcoin ETFs and considering shifting some investments from foreign government bonds to Bitcoin.

ChainCatcher news, according to CoinDesk, the MOVE index (Merrill Option Volatility Expectation) for U.S. Treasury market volatility has continued to rise since hitting a low of 82 points in mid-December, reaching 102.78 points on January 8. As the world's second-largest financial market, increased volatility in the Treasury market often signals a tightening financial environment, which may trigger risk aversion across various financial markets.Latest data shows that manufacturing performance has exceeded expectations, suggesting strong economic resilience and persistent inflationary pressures, driving U.S. Treasury yields higher across the board. Among them, the 30-year Treasury yield rose to 4.92% (the highest since November 23), while the 10-year yield climbed to 4.68% (the highest level since May).Since Trump won the election on November 5, the MOVE index had significantly dropped, leading to a broad rally in risk assets. However, this upward momentum began to weaken when the MOVE index hit its low in mid-December. On January 8, Bitcoin fell 5% to $96,900, and the S&P 500 dropped over 1%. Analysts point out that the bond market is currently dominating broader market trends, making it difficult for risk assets to regain upward momentum before the Treasury market stabilizes.

ChainCatcher news, 1confirmation founder Nick Tomaino posted on the X platform that we will likely soon see countries competing to adopt MicroStrategy's strategy:Issuing government bonds of different maturities (5-year, 7-year, 10-year, etc.)Using the bonds to purchase cryptocurrenciesRepaying loans on time according to the loan termAt the same time, he stated that the question is no longer whether countries will do this, but rather what kind of cryptocurrencies they will purchase, possibly starting with BTC, but the next could be ETH, and any sufficiently decentralized currency could participate. The government bond market is larger than the stock market.

ChainCatcher news, according to Jinshi reports, U.S. Senator Cynthia Lummis's previously proposed funding plan for Bitcoin purchases partially relies on the large gold heritage owned by the United States—these gold reserves were left over from the era when the dollar was pegged to precious metals, allowing dollar holders to exchange dollars for gold at a fixed price.Although the dollar has not been convertible to gold since the early 1970s, the Treasury and the Federal Reserve still hold about 8,100 tons of gold. The government values this gold at $42 per ounce, which is far below the current market price of $2,650.Cynthia Lummis hopes the Treasury can reassess this gold at current market prices and use the paper profits to fund Bitcoin purchases without raising taxes or issuing new national debt. However, critics point out that this operation is not a free lunch; it would require the Federal Reserve to cover the difference between the gold certificates held by the Treasury and the new valuation through a combination of printing money and asset sales.Monetary economist George Selgin argues that this operation amounts to a "backdoor loan" from the government, bypassing the regular appropriation process to avoid new debt and obscuring the truth. Lummis's bill relies heavily on gilded magic, and George Selgin said, "What better way to win public support than to make people believe this plan won't cost a dime?"

ChainCatcher news, according to Jinshi reports, the Ministry of Finance has decided to carry out support operations for government bond market making. The operation direction is to sell, with 1.26 billion yuan of the 2024 book-entry interest-bearing (16th issue) government bonds and 530 million yuan of the 2024 book-entry interest-bearing (19th issue) government bonds. The competitive bidding time is December 17.

ChainCatcher news, according to Coindesk, the UK Treasury stated in a statement on Thursday that the UK government will launch a pilot program to issue digital government bond instruments similar to bonds using distributed ledger technology.The Treasury stated: "The government will launch a pilot program to provide digital government bond instruments using distributed ledger technology (DLT) to demonstrate the government's commitment to innovation in the financial services sector." DLT is the underlying technology for crypto assets, where each node can store and update data. UK Treasury Economic Secretary Tulip Siddiq stated that the Labour Party will soon announce its plans in the cryptocurrency sector.Bloomberg cited unnamed sources as saying that the Labour Party is likely to continue following in the footsteps of the previous ruling Conservative Party by developing legislation for stablecoins and staking.

ChainCatcher news, according to Bloomberg, informed sources revealed that the UK plans to start issuing digital government bonds within the next two years. Chancellor of the Exchequer Rachel Reeves is expected to announce a trial issuance of digital bonds during her speech at Mansion House in the City of London on Thursday. Traditionally, the Chancellor uses this forum to announce policies that support the financial sector.The new Labour government is working to modernize the financial markets and is currently utilizing blockchain technology to "tokenize" government debt, hoping that this move will make government bond trading faster and cheaper.Amid the digital transformation, the UK government is undertaking a £297 billion ($382 billion) borrowing plan, the second-largest borrowing plan in history, with sales expected to remain high in the coming years. Informed sources indicated that legislation may need to be submitted to Parliament to proceed with blockchain-based sales. The UK Treasury declined to comment.

ChainCatcher news, Realize and Neovision Wealth Management have launched an investment fund that will acquire shares of exchange-traded funds (ETFs) focused on U.S. Treasury bills and tokenize them. The fund is named Realize T-Bills Fund and will acquire shares of BlackRock's low-cost iShares and State Street's SPDR ETFs.The two companies plan to scale the fund to $200 million. Realize will tokenize the fund units. Another report suggested a goal of expanding assets under management to $100 million within 12 months.

ChainCatcher news, Standard Chartered Bank's incubated RWA platform Libeara has partnered with FundBridge Capital to launch the Delta Wellington ultra-short-term government bond on-chain fund (also known as the ULTRA fund).Libeara CEO Aaron Gwak stated, "This new fund is based on the SGD Delta Fund, which became the first tokenized fund to receive a Moody's Aa rating, bringing an equivalent level of institutional credibility to dollar-denominated investments."Previous news, Standard Chartered Bank launched the blockchain department Libeara, aiming to tokenize Singapore dollar government bond funds.

ChainCatcher news, JPMorgan analysts indicate that the tokenized government bond market is growing, with tokenized U.S. Treasuries being favored as a yield alternative to stablecoins and potentially challenging the dominance of stablecoins.However, analysts point out that regulatory constraints and liquidity issues suggest that tokenized government bonds may only partially replace stablecoins. Analysts state that large stablecoin issuers like Tether (USDT) and Circle (USDC) do not share reserve yields with users, a practice that not only reduces their income but also classifies stablecoins as securities. Analysts note that this classification would subject them to strict regulatory oversight, which could limit their use as collateral in the cryptocurrency market.

ChainCatcher news, according to Coindesk, Bitwise announced on Friday the launch of the Bitwise Trendwise Bitcoin and Treasury Rotation Strategy ETF (BITC). This fund combines the Bitwise Bitcoin Strategy Optm Roll ETF (BITC), Bitwise Ethereum Strategy ETF (AETH), and Bitwise Bitcoin and Eth Eq Wgh Str ETF (BTOP).Bitwise stated in a press release that the spot Bitcoin and Ethereum ETFs launched earlier this year have made futures-based crypto funds less attractive for investors seeking long-term capital appreciation. With the new fund, asset managers can rotate between 100% exposure to crypto futures contracts and 100% exposure to U.S. Treasuries based on market trends, allowing for better management of crypto market volatility.Bitwise is converting its three futures-based ETFs into a single ETF, with the conversion expected to take place on December 3.

ChainCatcher message, Shen Yu (@bitfish1) posted on social media that with further interest rate cuts, a large-scale Defi arbitrage trading is expected to unfold, and the pattern of government bonds as the main source of Defi returns may be broken, with a reversal imminent.

ChainCatcher message, Kaiko released a report stating that interest rate cuts are unlikely to limit the appeal of tokenized government bonds. BlackRock's on-chain tokenized fund BUIDL provides investment in traditional debt instruments such as U.S. Treasury bonds, and BUIDL has quickly become the largest on-chain fund by assets under management (AUM). The fund was launched in March 2024 in partnership with Securitize and has attracted over $520 million in inflows to date.If real interest rates remain stable, the potential stimulative effect of the Federal Reserve's interest rate cuts may be weaker than expected. In this scenario, U.S. Treasury bonds may still be attractive compared to risk assets, as investors may prefer liquidity and safety over risk.