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

ambcryptoОпубліковано о 2026-04-10Востаннє оновлено о 2026-04-10

Анотація

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.

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.

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.

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.

Пов'язані питання

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.

Пов'язані матеріали

The Era Has Arrived Where Human Writers Must Prove They Are Not Machines

The article describes an era where AI-generated content is flooding the market, forcing human authors to prove they are not machines. It begins with the example of dozens of AI-written, error-ridden biographies of Henry Kissinger appearing on Amazon within hours of his death, a pattern repeated for other deceased celebrities and even living experts who find fraudulent books under their names. This spam content has exploded, with monthly new book releases on platforms like Amazon reaching 300,000 by late 2025. The issue spans genres, from suspiciously high proportions of AI-written teen romance and self-help books to dangerous, AI-generated foraging guides containing lethal advice. The platforms' automated review systems, designed to catch plagiarism and banned words, are ill-equipped to detect AI-generated text that avoids these pitfalls while being nonsensical or fraudulent. The problem has infiltrated traditional publishing. A major publisher, Hachette, had to recall a bestselling horror novel after AI detection tools suggested 78% of its content was machine-generated. An acclaimed European philosophy book was later revealed to be entirely written by AI under a fake author persona. In response, authors are fighting back. At the 2026 London Book Fair, 10,000 writers published a blank book titled "Don't Steal This Book" containing only their signatures—using emptiness as a protest weapon in an age of AI overproduction. Initiatives like the "Human Author Certification" program have emerged, ironically placing the burden on humans to prove their work is not machine-made. The article warns of a vicious cycle: AI-generated low-quality books pollute the data used to train future AI models, leading to "model collapse" and an ever-worsening flood of digital waste, eroding trust in publishing and devaluing human creativity.

marsbit15 хв тому

The Era Has Arrived Where Human Writers Must Prove They Are Not Machines

marsbit15 хв тому

Strategy CEO Highlights Scenarios Where Company Would Sell Bitcoin — Report

Strategy CEO Phong Le outlined potential scenarios for the company to sell portions of its massive Bitcoin holdings, a departure from its "Never Sell" philosophy. In a CNBC interview, Le stated sales could occur to finance dividend payments for its Perpetual Preferred Stock if doing so increases shareholder value, defined as a rise in "Bitcoin per share." He emphasized a data-driven approach, prioritizing math over ideology. Other reasons include when the company's book value is below market value or to capture tax benefits. As the largest corporate holder with 818,334 BTC (~$65 billion), Strategy has significant annual dividend obligations (~$1.5 billion). Le believes the Bitcoin market's high liquidity (~$60B daily volume) can absorb such sales without major price impact. Bitcoin currently trades around $80,840.

bitcoinist27 хв тому

Strategy CEO Highlights Scenarios Where Company Would Sell Bitcoin — Report

bitcoinist27 хв тому

Crypto Funds See Six Consecutive Weeks of Net Inflows, CLARITY Act Drives $858 Million Influx

Global cryptocurrency investment products recorded a net inflow of $857.9 million last week, marking the sixth consecutive week of positive flows and the largest single-week inflow since April 24, according to CoinShares' latest report. The primary catalyst was legislative progress on the U.S. CLARITY Act, specifically the final compromise text for stablecoin yield provisions, alongside Bitcoin's price breaking above $80,000. U.S.-listed products dominated with $776.6 million in inflows, a significant jump from the prior week's $47.5 million. European markets also saw increased participation. Bitcoin products led with $706.1 million in inflows, while short-Bitcoin products experienced their largest weekly outflow of 2026, indicating unwinding bearish positions. Major altcoins like Ethereum, Solana, and XRP all saw renewed positive flows, with Ethereum reversing its prior week's outflow to attract $77.1 million. Total assets under management (AUM) climbed to $160 billion.

marsbit30 хв тому

Crypto Funds See Six Consecutive Weeks of Net Inflows, CLARITY Act Drives $858 Million Influx

marsbit30 хв тому

Silicon Valley Wang Chuan: How Can You Not Feel Anxious When the Neighbor Lao Wang Earned 30x by Investing in Storage Stocks?

The author explores anxiety, attributing it to the amygdala's stress response, and suggests writing down worries to shift control to the rational prefrontal cortex, easing anxiety more effectively than mere reassurance. The piece then examines a source of financial anxiety in May 2026: a 150% surge in the Philadelphia Semiconductor Index, with storage stock SNDK skyrocketing 38x. The author analyzes the underlying logic behind this boom, tracing it to soaring valuations of AI startups like Anthropic (Anth). Anth's reported $400 billion ARR is scrutinized, revealing that cumulative revenue since founding is only about $108 billion, with the company still losing billions monthly and relying on continuous funding (having raised $723 billion). The author contrasts Anth's $1+ trillion valuation speculation with Berkshire Hathaway's fundamentals ($3.7 trillion revenue, $669 billion profit, $4 trillion cash, $1 trillion market cap), questioning the belief that a loss-making, funding-dependent startup could be worth more than the established giant. The narrative concludes by linking the massive valuations of Anth and OpenAI to a surge in AI industry capital expenditure (capex), which in turn fueled the storage sector's prosperity, setting the stage for a further discussion.

marsbit41 хв тому

Silicon Valley Wang Chuan: How Can You Not Feel Anxious When the Neighbor Lao Wang Earned 30x by Investing in Storage Stocks?

marsbit41 хв тому

The King of Blind Date Attire in Korea: How SK Hynix Made a Comeback Against Samsung?

In South Korea's dating scene, SK Hynix employees are now highly sought after, a status shift fueled by the company's astronomical profits and employee bonuses, projected to reach up to 6.1 million RMB per person by 2027. This marks a dramatic reversal for the long-time second-place player in memory semiconductors, which has now surpassed its rival Samsung in annual operating profit. The turnaround story began in 2008 when a struggling Hynix, emerging from bankruptcy restructuring, took a risky bet by agreeing to develop High Bandwidth Memory (HBM) with AMD. At the time, HBM had no clear market beyond high-end graphics cards and was a costly, complex technology. Major players like Samsung, pursuing its own HMC technology, declined. For Hynix, with only memory as its core business, it was a gamble born of necessity. The pivotal moment came in 2012 when SK Group Chairman Chey Tae-won acquired Hynix. Defying industry downturns, he invested heavily in R&D and fabrication, sustaining the HBM project through over a decade of commercial uncertainty and internal challenges. A key break occurred around 2016-2017 when Samsung faced production issues supplying HBM2 for Google's TPU, allowing SK Hynix to gain a crucial foothold in the data center market. The AI explosion post-ChatGPT in 2022 was the catalyst, turning HBM into a critical bottleneck for AI accelerators like NVIDIA's GPUs. By 2025, SK Hynix captured 62% of the global HBM market, leaving Samsung at 17%. For the first time, its annual operating profit exceeded Samsung's. Analysts point to the "innovator's dilemma" to explain Samsung's miss: its vast, successful business portfolio made it risk-averse, preventing an all-in bet on the initially niche HBM technology. In contrast, SK Hynix, as a challenger with its back against the wall, had no choice but to commit fully. The story highlights how Korea's chaebol system allows for ultra-long-term bets beyond quarterly pressures. However, SK Hynix's lead isn't guaranteed. Samsung is aggressively catching up on HBM4, and challenges like customer concentration (heavy reliance on NVIDIA) and technical hurdles in advanced packaging remain. The narrative underscores a market truth: the greatest alpha often comes from betting on uncertain, long-term directions others dismiss, much like HBM in 2008.

marsbit55 хв тому

The King of Blind Date Attire in Korea: How SK Hynix Made a Comeback Against Samsung?

marsbit55 хв тому

Торгівля

Спот

Ф'ючерси

Обговорення

Ласкаво просимо до спільноти HTX. Тут ви можете бути в курсі останніх подій розвитку платформи та отримати доступ до професійної ринкової інформації. Нижче представлені думки користувачів щодо ціни ONE (ONE).