Tokenized US Treasuries are continuing to set new records, with the sector reaching $13.53 billion as of April 12, according to rwa.xyz. That marks a 0.63% increase over the past seven days and leaves the market just about $500 million away from the $14 billion threshold. Within the broader real-world asset market, now valued at roughly $29.22 billion, tokenized Treasuries remain the largest category.
Top issuers dominate the market
The segment is increasingly concentrated among a handful of major products. Circle’s USYC ranks first with $2.67 billion in value and is primarily designed for non-US investors. Blackrock’s BUIDL, operated through Securitize, holds second place with $2.42 billion and targets qualified US investors, carrying a steep minimum investment requirement of 5 million USDC. Ondo’s USDY comes in third with $1.88 billion, supported by 16,568 holders and offering an annual yield of about 3.55%.
Janus Henderson Anemoy Treasury Fund, or JTRSY, ranks fourth at $1.32 billion, while Franklin Templeton’s BENJI is fifth at $1.02 billion. BENJI stands out for its relatively accessible minimum investment of just $20. Together, the top five funds account for $9.31 billion, representing about 68.8% of the entire tokenized Treasury market.
User base and yield profile show growing maturity
The ecosystem currently spans 74 different assets and is backed by 60,893 holders. Over the last seven days, tokenized Treasury products delivered an average annual percentage yield of 3.34%. While product structures vary, the report notes that these instruments can automate yield delivery more efficiently than many traditional finance processes, helping explain their appeal to both institutions and onchain investors.
Ethereum and BNB Chain lead multichain expansion
On the infrastructure side, issuance and distribution are becoming increasingly multichain. Ethereum remains the dominant network with about $7 billion in tokenized Treasury value, while BNB Chain follows with roughly $3.2 billion. Other notable networks include Stellar at about $843.8 million and Solana at around $829.7 million, with XRP Ledger, Plume and Avalanche also serving as alternative venues.
As stablecoins continue to expand and tie more capital to blockchain-based dollar products, tokenized Treasuries are emerging as one of the clearest examples of how RWA adoption is evolving. If current momentum continues, the next phase may center less on raw growth and more on integration, including deeper links with DeFi, clearer regulation, and closer connections to global capital markets and traditional finance.