U.S. Treasuries Go Crypto: $10B Milestone Stuns Wall Street

Tokenized U.S. Treasuries surpass $10B as NYSE, JPMorgan, and DTCC go on-chain. The $100B target is now within sight for 2026.

Tokenization is no longer a pilot program. It is moving money. U.S. Treasuries on-chain have crossed $10 billion, and the broader tokenized real-world asset market sits at roughly $25 billion, excluding stablecoins.

According to @subjectiveviews on X, big banks and institutions are no longer just testing. They are tokenizing actual assets and reshaping how finance works at its core.

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Banks Are Not Waiting for Permission Anymore

JPMorgan Asset Management launched its first tokenized money market fund in December 2025. The fund, called My OnChain Net Yield (MONY), gives institutional investors on-chain yield through the Morgan Money platform. Kinexys by J.P. Morgan also announced plans to issue JPM Coin on the Canton Network that same month, pushing interoperability for digital money transfers further.

DTCC moved in December 2025, too. The clearing giant began enabling tokenization of DTC-custodied U.S. Treasury securities directly on the Canton Network, a step that had been waiting on an SEC green light.

Societe Generale completed a digital bond issuance in November 2025. Trading firm DRW purchased those security tokens outright. Citi, around that same time, integrated euro transactions into its Token Services platform and expanded operations into Dublin, Ireland.

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NYSE and LSEG Are Building the New Pipes

The New York Stock Exchange announced in January 2026 that it is developing a full-on-chain settlement platform for tokenized securities. Around the same time, the London Stock Exchange Group launched its Digital Settlement House, known as LSEG DiSH. The service offers real-time, programmable settlement both on and off-chain.

BNY disclosed on January 9, 2026, that it is building on-chain digital entries that track client deposit balances in real time. Lloyds Banking Group completed the UK’s first gilt purchase using tokenized deposits on January 7, 2026. On the same date, Kinexys by J.P. Morgan published its Canton Network plans.

Ant International wrapped up a cross-border tokenized deposit transfer in December 2025 using ISO 20022 global standards. A proof of concept, yes, but one that cleared every technical hurdle.

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As @subjectiveviews noted on X, 2026 is the consolidation year. Pilots are going live. Regulations are clearing the path. The shift from experiment to core infrastructure is already underway, according to the post.

Faster settlements. 24/7 liquidity. Atomic trades. These are not projections. They are already running in production at multiple institutions.

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$100B by Year-End: No Longer Just Talk

The $100 billion target for tokenized Treasuries by year-end 2026 is being eyeballed by several players already in the space, per FXC Intelligence analysis and company announcements. The $10 billion milestone was supposed to take longer. It did not.

Institutional interest is not stalling either. Bitcoin ETFs pulled in $88 million recently, even as broader flows slowed, showing capital is still hunting for on-chain exposure in any form it can get.

The data from FXC Intelligence confirms the pattern. Nine institutions moved within a ten-week window between November 2025 and January 2026. That is not a coincidence. That is a coordinated industry shift, even if no one coordinated it.

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