Tokenized U.S. Treasuries ride strong institutional interest to $10 billion total value record

The total value of tokenized U.S. Treasuries has surpassed $10 billion for the first time, following a strong week of interest in modern real-world asset instruments. On-chain data from RWA.xyz showed that the total value has increased by around 7.59% over the past seven days. 

The data revealed that the total value of U.S. Treasuries now stands at $10.13 billion. Across 64 assets, there are nearly 59,000 holders, and the average 7-day APY is 3.28%, down from 5.28% a week earlier.

Tokenized U.S. Treasuries lead growth across networks

Tokenized U.S. Treasuries are digital representations of U.S. government debt, an asset that has long supported the contemporary economy. The money invested by an institution or, less frequently, an individual purchasing a tokenized U.S. Treasury is subsequently used to buy actual U.S. Treasury notes or short-term loans backed by Treasuries. In exchange, the investor receives a token that yields.

According to the latest treasury product metrics, Circle USYC from Circle International was the most popular tokenized U.S. Treasury product, with a $1.69 billion market capitalization and a 7-day annual percentage yield of 3.01%. Ondo U.S. Dollar Yield (USDY) owned $1.20 billion, and BlackRock USD Institutional Digital Liquidity Fund (BUIDL) held $1.68 billion. 

Franklin OnChain U.S. Government Money Fund (BENJI), at $892 million, and Ondo Short-Term US Government Bond Fund (OUSG), at $733 million, were two other noteworthy products. 

According to market cap by network, most tokenized U.S. Treasury products (and similar digital assets) were held in Ethereum, totaling around $5.6 billion. BNB Chain followed with $2.1 billion, while Stellar took third place with $698.7 million. Solana, Aptos, and Avalanche C-Chain held $510.8 million, $331.3 million, $238.4 million, respectively. Arbitrum held the lowest with $199.1 million.

Regarding net flows, over the last 30 days, Ondo’s USDY led with $567 million, followed by Centrifuge’s JTRSY with $240 million. Franklin’s BENJI and Spiko’s USTBL earned $71 million and $51 million, respectively, while Circle’s USYC contributed $164 million. 

Tokenized treasuries drive blockchain access for diverse investors

Tokenized U.S. Treasury instruments continue to draw significant attention from institutional and high-net-worth investors, but their high minimum investment requirements and screening procedures remain a challenge. BlackRock’s BUIDL, for example, has a $5 million minimum investment requirement, which reflects its focus on institutional investors. 

Other products similarly maintain eligibility requirements to guarantee participation by qualified buyers. On the other hand, some products, such as Ondo’s USDY, which currently has over 17,000 individual holders, target retail investors, especially those outside the United States.

According to Arkham Intelligence research, these products offer several key advantages to holders, including the ability to be exchanged and redeemed 24/7, since they are on-chain. The U.S. government and reputable investment management companies such as BlackRock also back them. Additionally, they can be used as collateral in DeFi.

These features, however, are making tokenized U.S. Treasuries more popular, which appeals to both institutional and individual investors. Building on this trend, investment giant BlackRock has identified tokenization and cryptocurrency as the “themes driving markets” in 2026.

In the 2026 Thematic Outlook, BlackRock pointed out that tokenization, or the digital representation of real-world assets like stocks and real estate, is gaining traction.

According to the investment firm, this shift is part of a change in how investors access markets. An early example of a tokenized asset is a stablecoin, such as one backed by the U.S. dollar.

“In our view, as tokenization continues to rise, so will the opportunity to access assets beyond cash and U.S. Treasuries via the blockchain,” the report stated. It specifically mentioned the Ethereum blockchain as a potential beneficiary of tokenization expansion, given its widespread use in developing decentralized apps and token infrastructure.

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