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FollowingWhen BlackRock launched BUIDL, the world's largest tokenized treasury bond fund, it was registered in The British Virgin Islands (BVI). Trayvon Smith, head of financial technology at BVI, shared the data behind it at an industry forum.
Smith pointed out that tokenization is "extremely, extremely, extremely critical" to the future development of the BVI financial services industry, and that it is just a natural extension of the large-scale business already in the region. "The total assets under all BVI structures are approximately US$1.4 trillion, so tokenization is a natural transformation for us." he said.
Data behind the advancement of BVI tokenization
BVI Financial recently released a research report titled "Towards a Digital and Chain Future", showcasing the region's already impressive tokenized investment portfolios. "Through this research, we disclosed that BVI has issued 305 tokenized securities, making BVI truly a global leader." Smith said.
Thereport also revealed that as of now, BVI accounts for more than 10% of the global tokenized U.S. Treasury market (with a size of nearly US$16 billion), and approximately US$1.2 billion of stablecoins are deposited in the BVI structure.
What may surprise U.S. investors is that it is not just small family offices operating, but that the world's largest financial institutions are setting up bases in the BVI. "Large companies like BlackRock and Junli Henderson have some of their tokenization structures located in BVI." Smith explained.
BlackRock's BUIDL fund (approximately $2.45 billion in assets under management) is actually a BVI Limited company. Junley Henderson's tokenized fund business (JTRSY) also adopts the BVI architecture. As of writing, JTRSY has approximately US$872.5 million in assets under management.
The British Virgin Islands passed the Virtual Asset Service Providers Act in 2022, seizing the lead in the field of digital assets, which has played a key role in becoming a global leader in tokenization.
Maintain a leading position
In order to maintain its position at the top of the tokenized food chain, BVI Financial is making every effort to attract local business. "We will continue to travel around the world to ensure that we communicate with all major agreements, key founders, leaders and executives to introduce them to what the BVI can offer global fintech companies." Smith said.
He said that the team has traveled to various parts of the world to attend industry conferences, and specifically mentioned Token2049, the top fintech conference held in Singapore in October, which is one of the important occasions to attract business.
The strengths of BVI lie in its established status, legal entity, case law, and success cases like BUIDL. As the financial world moves up the chain, they show no sign of giving up on these advantages.
