The total amount of tokenized U.S. Treasuries has exceeded $10 billion for the first time, following intense interest in modern real-world asset products. According to on-chain data for RWA.xyz, the total value has increased by approximately 7.59% in the past 7 days.
The data revealed that Total current US government debt stand 10.13 billion dollars. There were approximately 59,000 holders across 64 assets, and the seven-day average APY was 3.28%, down from 5.28% a week ago.
Tokenized U.S. Treasuries Lead Network-wide Growth
Tokenized U.S. Treasuries are a digital representation of U.S. government debt, an asset that has long supported the modern economy. Funds invested by institutions, or by individuals purchasing tokenized US Treasurys, are then used to purchase actual US Treasury bills or short-term loans backed by Treasurys. In exchange, investors receive tokens of yield.
According to the latest Treasury Commodity Index, Circle International’s Circle USYC was the most popular tokenized U.S. Treasury commodity, with a market capitalization of $1.69 billion and a 7-day annualized yield of 3.01%. Ondo USD Yield (USDY) held $1.2 billion, and the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) held $1.68 billion.
Franklin On-Chain US Government Money Fund (BENJI) with $892 million and Ondo Short-Term US Government Bond Fund (OUSG) with $733 million were also two other notable products.
Most tokenized U.S. Treasury instruments (and similar digital assets) are held on Ethereum, with a total value of approximately $5.6 billion, according to market capitalization by network. BNB Chain followed with $2.1 billion, followed by Stella in third place with $698.7 million. Solana, Aptos, and Avalanche C-Chain held $510.8 million, $331.3 million, and $238.4 million, respectively. Arbitrum remained the lowest with $199.1 million.
For net flows over the past 30 days, see Ondo’s USDY Topping the list was $567 million, followed by Centrifuge’s JTRSY with $240 million. Franklin’s BENJI and Spico’s USTBL earned $71 million and $51 million, respectively, while Circle’s USYC contributed $164 million.
Tokenized Treasury Promotes Blockchain Access for Diverse Investors
Tokenized U.S. Treasury securities continue to receive significant attention from institutional and high-net-worth investors, but their high minimum investment requirements and vetting procedures remain a challenge. For example, BlackRock’s BUIDL has a minimum investment requirement of $5 million, reflecting the company’s focus on institutional investors.
Other products similarly maintain eligibility requirements to ensure participation by eligible purchasers. On the other hand, some products like Ondo, USDYcurrently has more than 17,000 retail holders and is specifically targeted at retail investors outside the United States.
According to research from Arkham Intelligence, these products offer For holders, there are several key benefits, including the ability to exchange and redeem 24/7 since it is on-chain. They are also supported by the US government and reputable investment management companies such as BlackRock. Additionally, it can be used as DeFi collateral.
However, these features have increased the popularity of tokenized U.S. Treasuries, making them attractive to both institutional and retail investors. Based on this trend, investment giant BlackRock has identified tokenization and cryptocurrencies as a “market-driving theme” for 2026.
Thematic Outlook for 2026, BlackRock pointed Tokenization, or the digital representation of real-world assets such as stocks and real estate, is gaining traction.
The investment firm said the change is part of a shift in the way investors access the market. Early examples of tokenized assets include stablecoins backed by the US dollar.
“In our view, as tokenization continues to advance, opportunities to access assets beyond cash and U.S. Treasuries via blockchain will also increase,” the report said. He specifically mentioned the Ethereum blockchain as a potential beneficiary of expanded tokenization due to its widespread use in the development of decentralized apps and token infrastructure.
