Avalanche (CRYPTO: AVAX) is approaching the $12 mark after a strong monthly performance, driven by a surge in tokenized U.S. Treasuries on its network. The total value of these tokenized Treasuries has quadrupled over the past year, reaching $545 million, with a notable 14% increase in the third quarter alone.
Tokenized U.S. Treasuries now rank as the second-largest asset class on Avalanche, following stablecoins, which exceed $930 million. Avalanche's total tokenized assets have climbed to over $1.67 billion, positioning it as the fifth-largest blockchain in this category, according to data from RWA.xyz.
Recent developments, such as South Korea's plans to allow tokenized securities on Avalanche starting in 2027, have further boosted interest. Kevin O’Leary, a veteran investor, highlighted Avalanche's 'multi-chain' feature, subnets, which offer customized rules and independent validator sets, as a key attraction for industry players.
As of the latest data, AVAX is trading at $11.19, down 1.40% in the last 24 hours but up over 40% in a month, nearing the $12 level last seen in late January.