Tokenized US Treasurys surge 50x since 2024, marking shift toward on-chain finance

cointelegraph2025-12-22 tarihinde yayınlandı2025-12-22 tarihinde güncellendi

Özet

Tokenized US Treasurys have experienced explosive growth, surging 50x from under $200 million in January 2024 to nearly $7 billion by late 2025. This rapid expansion is driven by rising institutional demand for on-chain yield and marks a significant shift toward blockchain-based finance. BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) leads this market with almost $2 billion in assets, offering daily yield accrual and on-chain settlement. Other key products include offerings from Circle, Superstate, and Ondo Finance. Tokenized Treasury bills are becoming a crucial gateway for institutional DeFi adoption, combining the safety of US government debt with the efficiency of blockchain settlement. They are increasingly used for collateral management, margining, and improving capital efficiency.

Tokenized US Treasurys have emerged as one of the fastest-growing segments of the real-world asset (RWA) market, with data pointing to 50x growth in less than two years amid rising institutional demand for on-chain yield.

Data from Token Terminal shows that the combined market capitalization of tokenized US Treasury products has exploded from well under $200 million in January 2024 to almost $7 billion in late 2025. The growth underscores the rapid acceleration of onchain adoption for government-backed debt instruments.

At the center of this expansion is BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which is widely regarded as the flagship product of the tokenized Treasury market.

The blockchain-based fund provides investors with exposure to short-term US Treasurys while offering daily yield accrual and onchain settlement. Industry data shows that BUIDL has amassed close to $2 billion in assets under management.

Other prominent offerings include USD Coin Yield (USYC) from Circle, US Treasury Bill Token (USTB) from Superstate and Ondo Short-Term US Government Bond Fund (OUSG) from Ondo Finance.

Each product offers tokenized access to US government debt through regulated fund structures, reflecting a broader push to bring traditional fixed-income instruments onto blockchain rails.

Related: Goldman Sachs, BNY to offer tokenized money market funds for clients

Tokenized Treasury bills emerge as a key gateway to institutional DeFi

US Treasury bills are particularly well-suited for tokenization, as they combine the safety of US government backing with the efficiency of blockchain-based settlement, creating a regulated gateway into decentralized finance (DeFi) markets.

As Cointelegraph has reported, institutional adoption of tokenized Treasury bills is gaining traction, particularly for use in settlement and margining. Traditional financial institutions are using tokenized government debt to improve capital efficiency while maintaining exposure to low-risk assets.

DBS, Southeast Asia’s largest financial institution by assets, was among the first major lenders to test tokenized funds, including blockchain-based Treasury products. The bank has piloted tokenized money market funds and government securities as part of broader efforts to use onchain assets for collateral management and settlement.

Tokenized Treasury bills have grown in tandem with other onchain assets, contributing to the rapid evolution of the tokenization market. RedStone data shows that private credit has been the fastest-growing segment, buoyed by yields that exceed those of traditional investment vehicles.

Related: New protocol targets redemption delays in $20B tokenized market

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İlgili Sorular

QWhat is the reported growth rate of the tokenized US Treasurys market since January 2024, according to Token Terminal?

AThe market has experienced 50x growth, surging from well under $200 million in January 2024 to almost $7 billion in late 2025.

QWhich fund is considered the flagship product of the tokenized Treasury market and how much in assets has it amassed?

ABlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) is the flagship product, and it has amassed close to $2 billion in assets under management.

QName three other prominent tokenized US Treasury products mentioned besides BlackRock's BUIDL.

AThe other prominent products are USD Coin Yield (USYC) from Circle, US Treasury Bill Token (USTB) from Superstate, and Ondo Short-Term US Government Bond Fund (OUSG) from Ondo Finance.

QWhy are US Treasury bills described as being particularly well-suited for tokenization?

AThey combine the safety of US government backing with the efficiency of blockchain-based settlement, creating a regulated gateway into decentralized finance (DeFi) markets.

QWhich major Southeast Asian financial institution was mentioned as an early tester of tokenized funds, including Treasury products?

ADBS, Southeast Asia’s largest financial institution by assets, was among the first major lenders to test tokenized funds.

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