Tokenized US Treasuries Reach New Heights

Tokenized US Treasury products have reached an all-time high market cap of $15 billion for the first time in May 2026, a significant milestone that represents a tripling from approximately $5 billion just 14 months prior.

The top five tokenized Treasury providers - Circle's USYC, BlackRock's BUIDL fund, Franklin Templeton's BENJI and iBENJI suite, and Ondo's USDY - collectively account for around 71% of the total market near $15 billion. As of August 3, 2026, data from rwa.xyz shows that the sector has grown to $16.16 billion distributed across 85 separate assets with approximately 62,948 holders.

Tokenized Treasuries offer institutional investors yields of around 3% APY, similar to traditional Treasury products, but with faster settlement speeds and composability on blockchain rails. This allows institutions to move these assets in minutes, use them as collateral in DeFi protocols, or transfer them across counterparties without paperwork.