Tokenized U.S. Treasurys have emerged as one of the fastest-growing segments in the real-world asset market, with total market capitalization rising from under $200 million in early 2024 to nearly $7 billion in late 2025. Data from Token Terminal highlights accelerating institutional demand for onchain yield and settlement efficiency.
Leading the expansion is BlackRock’s USD Institutional Digital Liquidity Fund, which offers blockchain-based exposure to short-term U.S. Treasurys with daily yield accrual and onchain settlement. The fund has amassed close to $2 billion in assets under management.
Other players, including Circle, Superstate, and Ondo Finance, are also bringing regulated Treasury products onto blockchain rails. Financial institutions are increasingly using tokenized government debt for collateral management and margining, benefiting from faster settlement without sacrificing safety. Banks such as DBS have already piloted tokenized funds, signaling that onchain finance is steadily moving into the institutional mainstream.
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