According to Superstate, the integration enhances the composability of its USTB token within DeFi.
Superstate, an investment manager that employs blockchain technology, has incorporated Chainlink’s Data Feeds product to facilitate the provision of price data for its tokenized treasury fund.
On August 12, the company implemented Chainlink Data Feeds to furnish on-chain net asset value (NAV) data for the Superstate Short Duration US Government Securities Fund (USTB). According to Superstate, the action enhances the composability and interoperability of USTB on-chain.
Robert Leshner, the CEO of Superstate and the founder of Compound Labs, stated, “Our integration with Chainlink guarantees our investors transparent data, thereby enabling us to concentrate more on our primary business.”
According to Superstate, USTB has accumulated $102 million in assets under management since its inception in February and provides holders with exposure to tokenized U.S. treasury assets.
Chainlink Data Feeds facilitate real-time transparency of USTBs and enable the implementation of programmable use cases, such as integrations with on-chain money markets for collateralized lending.
“Asset tokenization improves efficiency, programmability, and transparency; however, it necessitates dependable on-chain data to enable DeFi and automation use cases,” Leshner noted.
The move is occurring at a time when the tokenized treasury segment is experiencing significant growth, with its combined market valuation increasing by 148% to $1.91 billion since the beginning of 2024. According to Rwa.xyz, the BlackRock USD Institutional Digital Liquidity Fund (BUILD) was the catalyst for the sector’s expansion, with a current market capitalization of $513.4 million.
“Superstate is playing a crucial role in expanding infrastructure and servicing critical components of the fast increasing tokenized asset market,” said Johann Eid, chief business officer of Chainlink. “We are enthusiastic about the potential new use cases and opportunities that Superstate will unleash through the integration of the Chainlink.”
Founded in 2023, Superstate currently manages $129 million in digital assets. The organization’s objective is to integrate blockchain technology with legacy assets.
Superstate is the most recent entity to utilize Chainlink to supply on-chain NAV data. The U.S. Depository Trust & Clearing Corporation (DTCC) revealed in May that Chainlink would be providing data for its Smart NAV pilot. This pilot distributed NAV data for mutual funds on blockchain networks.
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