•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Six issuers are now behind the biggest milestone yet in Ethereum-based government debt, with tokenized US Treasury products reaching an all-time high.
BlackRock’s BUIDL fund, issued through Securitize, holds the largest share. However, the race to $8 billion was not driven by a single company. Franklin Templeton’s iBENJI, WisdomTree’s WTGXX, Ondo Finance’s USDY, Centrifuge’s JTRSY, and Superstate’s USTB all contributed to what Token Terminal reports is an all-time high for tokenized US Treasury products on Ethereum.
The total market capitalization is roughly $8 billion, up about 100% in just six months.
Major asset managers are launching tokenized Treasury products because they see demand. The demand is tied to investors seeking exposure to US government debt alongside operational advantages offered by blockchain infrastructure, including faster settlement, around-the-clock access, and programmable functionality not available in traditional bond markets.
Ethereum is where nearly all of this activity is concentrated. Data cited from rwa.xyz shows the network leads the tokenized Treasury space by a wide margin. BNB Chain is the closest competitor, holding $3.4 billion in tokenized Treasury value. Solana, Stellar, and the XRP Ledger each hold under $1 billion.
One reason for the surge is how these products are deployed after they are issued. Tokenized Treasuries are not just held in wallets; they are used as yield-bearing collateral inside decentralized lending protocols and money markets.
This use case makes the assets functional in ways traditional bond holdings are not, and it provides DeFi participants access to a stable, government-backed asset that earns yield while remaining usable within broader financial applications.
Reports also describe the sector as having matured into a multi-billion-dollar liquidity layer on Ethereum, competing directly with stablecoin reserves, money market funds, and short-term ETFs.
While $8 billion is record-breaking for tokenized US Treasuries, it still represents a small slice of the $27 trillion US Treasury market. Regulatory questions also remain open, as governments and financial regulators work through how blockchain-based securities should be governed, including custody rules, compliance standards, and investor protections.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
