The tokenized U.S. Treasuries market has achieved a new milestone, breaking through the $4 billion mark to reach a total valuation of $4.07 billion, according to data from rwa.xyz. In just 103 days, the sector expanded by $1.57 billion, signaling accelerating institutional adoption of blockchain-based fixed-income products.
Top Three Funds Dominate
Leading the charge is Hashnote Short Duration Yield Coin (USYC), which saw its market capitalization nearly double from $495 million on November 26, 2024, to $956.27 million today. USYC combines short-term U.S. Treasury holdings with Reverse Repo agreements, offering a dual yield generation mechanism. Global investors outside the U.S. can access USYC through the Hashnote International Feeder Fund or the Short Duration Yield Fund (SDYF), subject to eligibility criteria including a minimum stake of $100,000. U.S.-based participants must meet the Commodity Futures Trading Commission’s (CFTC) Qualified Eligible Participant (QEP) requirements to invest via the Hashnote Feeder Fund.
In second place is Franklin Templeton’s onchain fund, the Franklin Onchain U.S. Government Money Fund (FOBXX or BENJI). Its market cap grew by $270.35 million to $686.80 million from November 26. Institutional investors can access BENJI through Franklin Templeton’s Institutional Web Portal, with availability extended to several European countries including Austria, France, Germany, Italy, Liechtenstein, Netherlands, Spain, and Switzerland.
Securing third place is Blackrock’s tokenized offering, the Blackrock USD Institutional Digital Liquidity Fund (BUIDL). Distributed via Securitize, BUIDL caters exclusively to heavyweight institutional clients such as hedge funds, asset managers, and multinational corporations, with a substantial $5 million entry threshold. Although BUIDL once led the market 103 days ago with a $530.29 million valuation, its growth to $668.41 million now places it third in a rapidly shifting landscape.
Together, these top three funds command 56.78% of the $4.07 billion tokenized Treasury sector.
Other Key Players and Market Characteristics
Other notable projects include Ondo’s USDY ($592 million) and OUSG ($408 million), Superstate’s USTB ($328 million), Wisdomtree’s WTGXX ($112 million), and Openeden’s TBILL ($96.54 million). Data from Rwa.xyz reveals that these initiatives boast an average annual percentage yield (APY) of approximately 4.2%.
Holder counts have nearly doubled from 8,754 to 15,463 investors over the past three months, spread across 37 tokenized Treasury funds. This explosion of capital and participant influx underscores a market transitioning from a niche experiment to a mainstream contender in the broader digital asset ecosystem.