Tokenized Treasuries Pass $13.5 Billion, With Circle and BlackRock Leading the Pack
On-chain US government debt has grown steadily through 2026, with five products holding nearly 70% of the market and Ethereum carrying about half.
Key takeaways
- Tokenized US Treasuries totaled $13.53 billion on April 12, 2026, per rwa.xyz, across 74 assets and 60,893 holders.
- Circle's USYC ($2.67B) and BlackRock's BUIDL ($2.42B) lead; the top five hold about 68.8% of the sector.
- Ethereum hosts about $7 billion of the total; products yield an average of about 3.34% APY.
Tokenized US Treasuries, shares of government-bond funds issued and traded on blockchains, stood at $13.53 billion on April 12, according to rwa.xyz figures reported by Bitcoin.com. That makes them the largest segment of the real-world-asset market and puts the sector within half a billion dollars of passing $14 billion for the first time.
The state of the market
The data show a maturing but concentrated business. Tokenized Treasury products numbered 74, held by 60,893 wallets, and averaged a 3.34% yield over the prior seven days. Treasuries made up the biggest slice of a broader real-world-asset market that rwa.xyz put at $29.22 billion. The sector rose 0.63% over the week ending April 12, so growth in the spring was slow and steady rather than explosive.
Headlines from the same outlet trace the longer run: on-chain Treasury funds were approaching $9 billion in December 2025 and nearing $11 billion in mid-February 2026 before reaching $13.5 billion in April. A later guide that cites rwa.xyz put the figure at about $14.88 billion in early October. These figures come from different publishers and measurement dates, so treat the trajectory as approximate.
Five products account for most of the money. Circle's USYC leads with $2.67 billion, largely aimed at non-US investors. BlackRock's BUIDL, distributed through Securitize, holds $2.42 billion and targets US qualified purchasers with a $5 million USDC minimum. Ondo's USDY has $1.88 billion, Janus Henderson Anemoy's JTRSY holds $1.32 billion with an S&P AA+ rating, and Franklin Templeton's BENJI holds $1.02 billion, with a $20 minimum investment. Together they total $9.31 billion, or 68.8% of the sector.
How a tokenized fund works
A tokenized Treasury fund is a conventional money-market or bond fund with a blockchain wrapper. Investors send dollars or a dollar stablecoin to the issuer, which buys short-dated US government debt and mints tokens representing shares. The token can then move between approved wallets around the clock, serve as collateral in lending or trading, and be redeemed for dollars. Interest either accrues to the token's price or arrives as newly issued tokens.
Why it matters
Treasuries are the easiest asset to tokenize: they are liquid, priced daily, and carry no credit risk, so the legal wrapper matters more than the underlying. That makes them the testing ground for putting stocks, credit and funds on the same rails. The use case that attracts crypto firms is yield for stablecoin balances; exchanges and DeFi protocols can accept these tokens as collateral and pay holders a Treasury-linked return.
Chain choice matters too. Ethereum holds about $7 billion of the total, BNB Chain $3.2 billion, Stellar $843.8 million and Solana $829.7 million. Distribution is concentrated among institutions: BUIDL's $5 million minimum and Circle's non-US focus show the sector remains largely a wholesale product, even as BENJI shows retail-size entry is possible.
Who holds them, and why
The 60,893 holders include a mix of crypto treasuries, DeFi protocols, funds and individuals. Ondo's USDY alone has 16,568 holders, according to the report, so yield-seeking retail and small institutions are a real share of the base. The attraction is simple: stablecoins pay nothing to holders under most designs, while a tokenized bill pays about 3.3% to 3.6% and remains transferable around the clock. In effect, the products let on-chain users earn the short-term Treasury rate without leaving the blockchain.
That feature also explains the product design differences. Circle's USYC is largely aimed at non-US investors, BlackRock's BUIDL at US qualified purchasers, and Franklin Templeton's BENJI accepts $20. Regulators treat each as a securities offering, so access rules differ by jurisdiction and investor type, which fragments liquidity and keeps the market from consolidating into a single dominant token.
What to watch
- Crossing $15 billion. Headlines pointed to $15.2 billion in early May, which would confirm the climb continued.
- Collateral rules. Whether derivatives venues and banks accept these tokens as margin will drive demand beyond yield-seekers.
- GENIUS Act interplay. Rules on stablecoin reserves may push issuers to hold or tokenize Treasury exposure themselves.
- Concentration. Five products hold nearly 70%; a new entrant with distribution could reshuffle the ranking.
