Tokenized U.S. Treasuries on Ethereum have surged to a new all-time high of around $8 billion in market capitalization, according to data shared by Token Terminal.
Notably, the figure marks a 100% increase over the past six months. The rapid growth highlights rising demand for blockchain-based exposure to traditional safe-yield assets, with several key products driving the expansion.
These include offerings from Securitize, Centrifuge, Franklin Templeton, WisdomTree, Ondo Finance, and Superstate.
Key Points
- Tokenized U.S. Treasuries on Ethereum hit a record $8B, doubling in six months as demand for on-chain yield grows.
- Growth is driven by major players like BlackRock’s BUIDL, Ondo, and Franklin Templeton products.
- Ethereum leads the sector by a wide margin, while BNB Chain and others trail far behind in total value.
- Rising ETH and BTC prices, alongside neutral sentiment, helped support the surge in tokenized Treasury adoption.
Growing On-Chain Safe Haven
The sector has evolved into a multi-billion-dollar liquidity layer on Ethereum, increasingly serving as a destination for idle on-chain capital. Tokenized Treasuries are now competing directly with stablecoin reserves, money market funds, and short-term ETFs for yield.
Much of the supply is concentrated in a handful of products, particularly those linked to BlackRock’s BUIDL fund, alongside Ondo’s OUSG and USDY, Superstate’s USTB, and Franklin Templeton’s BENJI.
Cross-Chain Landscape Still Led by Ethereum
Data from rwa.xyz shows that Ethereum continues to dominate the tokenized Treasury space by a wide margin. BNB Chain, which comes closest, holds $3.4 billion in tokenized Treasury value.
Other networks, such as Solana, Stellar, and XRP Ledger, trail significantly behind, each holding under $1 billion in tokenized Treasury value.
The latest figures reinforce Ethereum’s position as the primary hub for real-world asset (RWA) tokenization, particularly for institutional-grade financial products.
Market Context Remains Neutral
The milestone comes amid an improving crypto market, shifting from cautious to more bullish sentiment. For instance, the price of Ethereum reached $2,464 today, one of its strongest levels since February. Notably, ETH has rebounded by over 40% from its February low of $1,748.
This bullish performance may have contributed to the new record in tokenizations on the Ethereum network as sentiment improves.
Similarly, Bitcoin also touched $82,850 for the first time since January. Meanwhile, the Crypto Fear & Greed Index has risen to 50, indicating neutral market sentiment.
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