Backed, a project in the realm of Real World Assets (RWA), has achieved a significant milestone by issuing its first tokenized securities on the Layer2 Base, named bIB01.
These tokenized securities operate similarly to standard ERC-20 tokens and are used to track the value of silver ETFs, corporate bond ETFs, and stocks. Notably, they are backed by underlying assets and can be easily transferred on cryptocurrency wallets.
Before transitioning to the Layer2 Base, Backed had previously deployed bIB01 on the Ethereum and Gnosis platforms, with a total market capitalization exceeding $37 million, according to data from Dune. Their decision to utilize Base was driven by its lower costs and developer-friendly features, making it suitable for testing encrypted securities products.
However, it’s important to note that bIB01 is not registered with the U.S. Securities and Exchange Commission (SEC), and therefore, it is not available to U.S. residents.
Backed is one of the leading companies providing tokenized securities on the blockchain, alongside projects such as Ondo Finance, Maple Finance, Matrixdock, OpenEden, and TrueFi.
Currently, Real World Assets (RWA) are emerging as a promising trend, with many major projects entering the space. This includes projects like MakerDAO, Pendle, Mantle, the Avalanche Foundation, and even the People’s Bank of China, which has issued tokenized securities on the Ethereum network. The Fed has also released a report on “Tokenizing Real Assets,” providing favorable conditions for the RWA sector.
Furthermore, data from rwa.xyz reveals that the tokenized silver market has grown sixfold this year, reaching $666 million. This demonstrates the potential and rapid development of this sector in recent times.