Procedure for tokenization On the layer-2 network Base, which was incubated by Coinbase, Backed Finance is launching its tokenized bond offering.
Launch of a tokenized government bond by Backed Finance on the Base layer-2 network.
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The iShares bond ETF UCITS from BlackRock, which tracks a mixture of short-term U.S. Treasury bills, has been transformed into tokens as a result of the tokenization protocol. The ticker of blBO1 is used in the tokenized version.
However, Backed co-founder Adam Levi explained that was just the beginning.
“We can tokenize anything held in a bank account–and we look forward to expanding our product offering,” he said. “Organizations benefit from not having to interface with TradFi or develop their own legal process by working with Backed for RWA tokenization.”
Real-world assets (RWA) include things like stocks, commodities, works of art, and collectibles. Base is a layer-2 network developed by Coinbase using Optimism’s OP stack. It’s yet another optimistic rollup designed to reduce costs and relieve congestion on Ethereum.
Work with Base began in February of this year, according to Levi, who also continued by saying that Backed was particularly interested in collaborating with the network due to its “promised support for builders and developers.”
RWAs have been included, which is a first for the quick blockchain network, but it does so at a time when asset classes and the tokenization movement have recently gained prominence.
Several decentralized finance protocols, including Aave and Maker, have turned to RWAs to generate money for the protocols as a result of high interest rates and low cryptocurrency prices. To create yield on its native stablecoin named DAI, Maker, for instance, has already integrated U.S. treasuries.
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“Right now, fixed-income products seem to be in the most demand, and recently protocols and users have shown specific interest in non-USD denominated short-term bonds,” said Levi.
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He stated that his team is still awaiting market interest when asked when tokenized versions of Google or Tesla will be available on the blockchain. “If there is demand, we are happy to tokenized any security that is requested.”
American investors might then also be able to take part. U.S. investors are purposefully restricted from trading any of Backed’s tokenized offers for the time being.
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