Backed Finance, a tokenization protocol, has launched a tokenized version of a BlackRock bond exchange-traded fund (ETF) on Base, oinbase">Coinbase’s layer-2 network.
The tokenized ETF tracks short-term US Treasury bills and carries the ticker blB01. It effectively converts BlackRock’s iShares bond ETF into a tokenized asset on Base’s blockchain.
Backed co-founder Adam Levi said the company can tokenize any asset held in a bank account, including equities and commodities. The launch expands Base’s offerings into real-world assets (RWAs).
According to Levi, tokenized RWAs are currently in high demand, especially non-USD short-term bonds. He said Backed chose Base for its developer support and may offer tokenized stocks like Google or Tesla if interest grows.
The move comes as decentralized finance protocols like Aave and Maker have also utilized RWAs to generate revenue amid high interest rates and low crypto prices.
For now, US investors are prohibited from trading Backed’s tokenized assets due to regulations. But the launch highlights the growing intersection of tokenization and traditional finance as blockchain technology enables new forms of asset ownership and trading.
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