The market for tokenized U.S. Treasuries has reached a total value of assets under management exceeding $8.73 billion, according to data from RWA.xyz. This growth indicates a continuing trend of traditional finance (TradFi) leveraging blockchain technology to provide digital exposure to stable sovereign debt.
Over the past seven days, the total value has seen an increase of nearly 1.8%, while the number of holders participating in this market has risen by more than 6% to over 57,900.
This asset class digitizes ownership of U.S. government bonds and money market funds across multiple blockchains, offering a regulated, yield-bearing product accessible within the digital asset ecosystem. The seven-day average yield (APY) for these products currently stands at approximately 3.72%.
Securitize Dominates Market Share
The tokenized treasury market is currently led by a few key participants driving institutional adoption. Securitize holds the largest market share, representing approximately 33.5% with tokenized products valued at over $2.92 billion. This includes the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which accounts for nearly $2.83 billion of that total.
Other significant protocols contributing to the tokenized treasury market include Ondo, with a market capitalization of approximately $1.47 billion, and Circle, whose single treasury product has grown to over $948 million in value. Ondo is experiencing strong growth in the tokenization market and has recently integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to access real-time pricing feeds.
The entry and expansion of established asset managers like Franklin Templeton, holding over $852 million, and WisdomTree, holding over $642 million, demonstrate institutional validation of this sector. This area is rapidly maturing as part of the broader Real-World Asset (RWA) tokenization movement.
Bridging TradFi and DeFi
The tokenization of government securities represents a significant step in bridging the gap between TradFi and decentralized finance (DeFi). The shift towards liquid and regulated assets like U.S. Treasuries offers distinct advantages, including transparent on-chain ownership, accelerated settlement times, and the ability for investors to earn a stable, low-risk yield without leaving the blockchain environment.
The consistent scaling of this market, from crossing the $100 million mark in mid-2023, surpassing $1 billion shortly thereafter, to its current valuation of $8.7 billion, highlights sustained demand.
This trajectory suggests that both crypto-native and traditional investors consider tokenized treasuries an essential product offering for their portfolios, integrating the stability of sovereign debt into the evolving digital future of finance.