Arrakis study finds crypto-native treasuries drove most identifiable demand for tokenized dollar yield products

Arrakis Finance has published a study tracking on-chain purchases across 10 tokenized dollar yield products, using Ethena’s sUSDe as a benchmark. The dataset covered 71,697 buyers and $91.3 billion in total purchase volume. Within $12.4 billion of demand that could be classified, roughly two-thirds came from protocol and DAO treasuries, while the rest was attributed to individuals, exchanges, market makers, and crypto funds. The study said it did not find purchases that could be clearly traced to traditional financial institutions such as pension funds, asset managers, or banks. Buyer concentration was also pronounced: wallets making purchases of at least $1 million represented about 4% of buyers but held around 93% of the capital, and 2,586 buyers accounted for more than 90% of notional purchase volume. USDC was the dominant settlement asset, primary subscriptions were the main access route, and only sUSDe showed a majority of acquisitions through decentralized exchanges.