Tokenized US Treasury assets under management have climbed above $15 billion, according to RWA.xyz, after growing nearly 150% over the past year. At the same time, VBILL, a tokenized Treasury product operated by Securitize and developed by VanEck, has gone live on Euler, allowing investors to use US Treasury bills as onchain collateral inside a blockchain-based borrowing market.
VBILL listing brings Treasury collateral onto Euler
With the Euler integration, investors can post tokenized Treasury bills as collateral and borrow against them onchain. The process runs through Securitize’s DS Protocol, a framework designed to automatically enforce investor eligibility checks and transfer restrictions for securities transactions on blockchain networks.
That setup defines who can move the asset and under what conditions. It is aimed at compliance-focused investors rather than open access flows. Pricing is handled through RedStone oracles, which provide real-time data so the pledged tokenized collateral can be valued accurately.
Permissioned assets gain ground inside DeFi
Securitize ecosystem lead Graham Ferguson said, “Some protocols are now showing interest in permissioned assets. Previously, this was uncommon in the DeFi market.” The comment points to a shift in how DeFi platforms are approaching real-world assets, especially products that require investor screening and controlled transfers.
Euler currently holds more than $320 million in assets on its platform. The report says the protocol has moved away from a fully permissionless model and toward a structure that is easier for institutional users to access. Other DeFi platforms are making similar moves. Aave, for example, has introduced its real-world asset lending platform Horizon.
Institutional demand is shaping the market
BlackRock, Franklin Templeton, and Janus Henderson are identified as major participants in the tokenized Treasury segment. These products are largely aimed at institutions looking for collateral linked to real-world yield. Even so, the current size of the market remains small relative to expectations for the broader financial sector.
The article also cites longer-term projections: $2 trillion by 2028 from Standard Chartered and $18.9 trillion by 2033 from BCG and Ripple. For now, the VBILL launch on Euler shows that tokenized securities can move through decentralized infrastructure while keeping transfer controls and investor qualification rules in place.