Treasuries and yield funds – Is this the next phase of tokenization?

ambcryptoPublished on 2026-04-10Last updated on 2026-04-10

Abstract

Tokenized finance is experiencing significant growth, with BNB Chain's tokenized asset market cap reaching a record $16.6 billion, more than doubling year-over-year. The broader tokenized funds market has expanded to $31.9 billion, driven primarily by yield-bearing products rather than simple stablecoins. While Tether and USDC remain the largest issuers, faster growth is occurring among smaller players like Ondo Finance, Maple Finance, and Centrifuge. The trend highlights a shift beyond cash proxies toward income-generating on-chain assets, signaling a new phase in asset tokenization.

Tokenized finance is one of crypto’s most serious growth stories today. However, is this just another trend or the foundation of something new?

AMBCrypto previously reported that S&P Dow Jones Indices moved its iBoxx U.S. Treasuries Index on-chain via the Canton [CC] Network, one of the clearest steps forward. The move came as tokenized U.S Treasuries crossed $12.6 billion.

BNB Chain’s tokenized asset market cap at a record $16.6B

BNB Chain’s tokenized asset market has expanded over the past year, reaching an all-time high of about $16.6 billion! According to Token Terminal, that is more than 2x higher YoY, up from roughly $4 billion to $5 billion in early 2024.

Source: Token Terminal

Growth sped through 2025, with the market cap first pushing past $10 billion and then moving above $15 billion. Tether [USDT] still makes up the largest share of the stack, but a broader base is forming across names like USD Coin [USDC] and WLFi’s USD1.

Growth is spread beyond the top 2

At press time, Tether still led issuance by a wide margin at $186.5 billion, while Circle followed at $80.0 billion. However, the faster growth is happening lower down the table.

Source: X

Over the last 30 days, Ondo Finance has expanded by 36.1% to $3 billion. Similarly, Maple Finance climbed by 25.4% to $2.8 billion and Centrifuge added 24.7% to reach $1.6 billion. Securitize also grew 14.2% to $2.7 billion.

On the contrary, Tether’s growth was nearly flat at -0.1%.

Tokenized funds reach $31.9B as yield products take the lead

The tokenized funds market was at $31.9 billion at press time. Growth has been led by yield-oriented products, rather than plain cash proxies alone.

Source: Token Terminal

sUSDS was the largest fund at $6.1 billion, followed by sUSDe at $3.5 billion, USYC at $2.7 billion, and BUIDL at $2.4 billion. The next layer also appeared to be meaningful – syrupUSDC is at $1.8 billion, JTRSY at $1.2 billion, and PAPLO at $1.1 billion.

It’s not just stablecoins anymore. Income-bearing on-chain products are scaling fast!

Final Summary

  • BNB Chain’s tokenized asset market cap has reached a record $16.6 billion – 2x YoY!
  • Tokenized funds climbed to $31.9 billion, with yield-bearing on-chain products in the lead.

Related Questions

QWhat is the current market cap of BNB Chain's tokenized assets and how does it represent growth year-over-year?

ABNB Chain's tokenized asset market cap has reached a record $16.6 billion, which is more than 2x higher year-over-year (YoY).

QWhich two stablecoins are the largest by issuance in the tokenized asset market, and what are their respective market caps?

ATether [USDT] leads with an issuance of $186.5 billion, followed by USD Coin [USDC] at $80.0 billion.

QWhich tokenized funds have shown the most significant growth in the last 30 days, and what were their growth rates?

AOndo Finance grew by 36.1% to $3 billion, Maple Finance climbed 25.4% to $2.8 billion, and Centrifuge added 24.7% to reach $1.6 billion.

QWhat is the total value of the tokenized funds market, and what type of products are leading this growth?

AThe tokenized funds market was valued at $31.9 billion, with growth being led by yield-oriented, income-bearing on-chain products rather than plain cash proxies.

QWhat was the significance of S&P Dow Jones Indices moving its iBoxx U.S. Treasuries Index on-chain?

AIt was one of the clearest steps forward for tokenized finance, occurring as the same time that tokenized U.S. Treasuries crossed $12.6 billion in value.

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