The ratio of tokenized fund value to stablecoins has jumped from $2.99 to $11.39 per $100, nearly quadrupling in two years. The total stablecoin market stands at approximately $300 billion, dominated by USDT and USDC. Key issuers include Circle’s USYC at $2.5-3 billion, BlackRock’s BUIDL at $2.2-2.7 billion, and Ondo’s USDY at $2.1-2.3 billion. JPMorgan estimates tokenized funds currently represent about 5% of the stablecoin ecosystem and could capture 10-15% with favorable regulation. The GENIUS Act expected in 2025 would restrict yield payments on payment stablecoins while creating clearer pathways for tokenized funds, potentially accelerating capital rotation.
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