Despite the native token being 86% lower than its peak, Avalanche attracted the attention of governments and funds in the third quarter.
In the past quarter, the Wyoming Stable Token Committee issued the first government-backed stablecoin—Frontier Stable Token (FRNT)—on Avalanche and six other public blockchains, marking a growing adoption of blockchain networks by the government.
According to Cointelegraph in August, FRNT was launched as a fully collateralized stablecoin, backed by US dollars and short-term US Treasury bonds, with a mandatory reserve ratio of 102%.
Avalanche also attracted traditional financial participants. The investment firm SkyBridge Capital, led by Anthony Scaramucci, committed to tokenizing $300 million of hedge fund capital on the network. Crypto analytics firm Nansen described this trend as "quietly transforming traditional finance and government technology into on-chain reality," adding, "DeFi has just become institutionalized."
According to data from RWA.xyz, by the end of the third quarter, Avalanche had become the third-largest blockchain for on-chain tokenized US Treasury bonds, valued at $638 million, following BNB Chain and Ethereum.
Tokenized Treasury bonds are minted on the blockchain to increase accessibility and trading opportunities for investors. They are part of the growing field of tokenization of real-world assets.
According to Nansen data, on-chain data from Avalanche shows significant user activity, with an average daily trading volume exceeding 1 million transactions, peaking at 51.6 million transactions in a single day over the past quarter.
However, the increasing network usage has not led to a significant rise in Avalanche's native utility token (AVAX), which is down 86% from its all-time high of $146 set on November 21, 2021.
As of the time of writing, Avalanche is trading at $19.66, down 33% over the past month, as the broader cryptocurrency market suffered a record $19 billion liquidation event in early October after US President Donald Trump threatened to impose a 100% import tariff on Chinese goods.
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Original: “Avalanche Q3 Wrap-Up: Government Stablecoin Launch, $300 Million Hedge Fund Tokenization”
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