TOKYO -- A BlackRock digital assets investment product linked to U.S. Treasurys has spiked sevenfold in value in a year, leading a growing field of such products that have increased fivefold to a total market capitalization of $6 billion in the same amount of time.
These products, which consist of tokens issued and circulated using blockchain technology linked to the value of money market funds (MMF) that manage short-term U.S. government bonds, are growing in popularity. Similar products also exist that are backed by corporate bonds and real estate.
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