Wall Street’s Ethereum Expansion Gains Speed As Tokenized Treasuries Top $8 Billion

bitcoinistОпубліковано о 2026-05-08Востаннє оновлено о 2026-05-08

Анотація

The market cap of tokenized U.S. Treasuries on Ethereum has reached an all-time high of approximately $8 billion, doubling in value over the past six months. This growth is driven by products from multiple institutions including BlackRock’s BUIDL, Franklin Templeton’s iBENJI, and offerings from WisdomTree, Ondo Finance, Centrifuge, and Superstate. Ethereum dominates this space, holding far more value than competitors like BNB Chain, Solana, Stellar, and the XRP Ledger. These tokenized assets are not just held as investments; they are actively used as yield-bearing collateral within decentralized finance (DeFi) protocols, providing liquidity and functionality beyond traditional bonds. While this marks a significant milestone, the $8 billion total remains a small fraction of the broader $27 trillion U.S. Treasury market. Regulatory frameworks for blockchain-based securities are still under development by financial authorities.

Six issuers are now behind the biggest milestone yet in Ethereum-based government debt.

A Market Built By Many Hands

BlackRock’s BUIDL fund, issued through Securitize, holds the largest share. But the race to $8 billion wasn’t a one-company story.

Franklin Templeton’s iBENJI, WisdomTree’s WTGXX, Ondo Finance’s USDY, Centrifuge’s JTRSY, and Superstate’s USTB all contributed to what Token Terminal now confirms is an all-time high for tokenized US Treasury products on Ethereum.

The total market cap sits at roughly $8 billion — up about 100% in just six months.

That kind of growth, spread across multiple established institutions and crypto-native platforms, points to something broader than a single firm testing the waters.

Major asset managers are building these products because they see demand. And that demand is coming from investors who want US government debt exposure with the operational advantages that blockchain infrastructure provides — 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 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.

Image: TransFi

Idle Capital Finding A New Home

One reason for the surge is how these products are being used once they’re on-chain. Tokenized Treasuries aren’t just sitting in wallets. They’re being deployed as yield-bearing collateral inside decentralized lending protocols and money markets.

That makes them functional in ways traditional bond holdings are not — and it gives DeFi participants access to a stable, government-backed asset that earns yield while remaining usable within broader financial applications.

BTCUSD trading at $81,042 on the 24-hour chart: TradingView

According to reports, the sector has matured into a multi-billion-dollar liquidity layer on Ethereum, competing directly with stablecoin reserves, money market funds, and short-term ETFs.

As more of this collateral moves on-chain, Ethereum’s total secured value grows, reinforcing its position as the primary settlement network for institutional digital assets.

Still A Fraction Of The Whole

The $8 billion figure, while record-breaking for the sector, represents a small slice of the $27 trillion US Treasury market. Regulatory questions also remain open.

Governments and financial regulators are still working through how blockchain-based securities should be governed — covering custody rules, compliance standards, and investor protections.

Featured image from ExperienceFirst, chart from TradingView

Пов'язані питання

QWhat is the total market capitalization of tokenized US Treasuries on Ethereum according to the article, and how much has it grown in the last six months?

AThe total market capitalization of tokenized US Treasuries on Ethereum is roughly $8 billion, which represents a growth of about 100% in the last six months.

QWhich six issuers contributed to the record $8 billion total for tokenized Treasury products on Ethereum?

AThe six issuers are BlackRock's BUIDL fund (via Securitize), Franklin Templeton's iBENJI, WisdomTree's WTGXX, Ondo Finance's USDY, Centrifuge's JTRSY, and Superstate's USTB.

QAccording to the article, why are major asset managers building tokenized Treasury products?

AMajor asset managers are building these products because they see demand from investors who want US government debt exposure with blockchain's operational advantages, such as faster settlement, around-the-clock access, and programmable functionality.

QBesides Ethereum, which blockchain holds the second-largest amount of tokenized Treasury value, and how much is it?

ABesides Ethereum, BNB Chain holds the second-largest amount of tokenized Treasury value, which is $3.4 billion.

QHow are tokenized Treasuries being actively used on-chain beyond just being held in wallets, as mentioned in the article?

ATokenized Treasuries are being deployed as yield-bearing collateral inside decentralized lending protocols and money markets, making them functional in ways traditional bond holdings are not and providing DeFi participants with a stable, yield-earning asset.

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