The tokenized Treasury market has experienced a significant surge, adding $110 million since early July and bringing the total market capitalization close to the $2 billion mark. Over the past 141 days, the market cap has expanded by $920 million, reflecting steady growth in this emerging financial sector. According to data from rwa.xyz, approximately $1.4 billion worth of tokenized Treasuries has been minted on the Ethereum blockchain.
Stellar follows closely with a market cap of around $435.3 million, while Solana and Mantle host $48 million and $30.3 million, respectively. The top five protocols by market size are led by Securitize, Ondo, Franklin Templeton, Hashnote, and Open Eden. Notably, BlackRock’s BUIDL fund has grown to $517.66 million, up from $502.81 million just 38 days ago.
Franklin Templeton’s Onchain U.S. Government Money Fund, known as BENJI, has also seen a notable increase in its market cap, rising by $24.4 million since July 9 to reach $425.33 million. During the same period, the Ondo USD Yield project grew by $3.03 million, although the Ondo short-term U.S. government bond fund saw a slight decline from $214.11 million to $205.82 million.
The expansion of tokenized real-world assets (RWAs), particularly Treasuries, underscores the increasing innovation at the intersection of traditional finance and blockchain technology. Proponents of this integration argue that it enhances liquidity, offers fractional ownership, enables 24/7 trading, reduces reliance on intermediaries, and broadens global accessibility. They believe that RWAs, such as tokenized Treasury bonds, can streamline financial processes, improve transparency, and facilitate smart contract-driven finance on a larger scale.
As the tokenized Treasury market continues to develop, nearing the $2 billion threshold, it is attracting growing interest from both institutional and retail investors. The rapid growth in this sector could pave the way for more innovative financial products, further bridging the gap between traditional finance and the digital asset space.
