The tokenised US Treasury market has grown by more than $1 billion since Jan. 1, 2026, lifting its total market capitalisation to over $10.8 billion despite broader macroeconomic uncertainty and rising US debt levels.
Data from RWA.xyz shows the market expanding from $8.9 billion at the start of the year, while Token Terminal figures indicate the sector has surged roughly 50 times since 2024.
Growth has been supported by the March 2024 launch of BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL, which now holds a market capitalisation exceeding $1.2 billion.
Tokenised US Treasurys, which represent government debt instruments issued as onchain real-world assets, have continued to gain traction even as the wider crypto market has faced a downturn since October 2025.
In December 2025, the Depository Trust and Clearing Corporation announced plans to introduce an asset tokenisation service beginning with US Treasurys, with chief executive Frank La Salla saying:
“Following the tokenisation of US Treasurys on the Canton network, DTCC anticipates that exchange-traded funds (ETFs) and equities will come shortly thereafter.”
The DTCC, the world’s largest clearinghouse, settled $3.7 quadrillion in transaction volume in 2024, underscoring the scale of infrastructure potentially connecting traditional markets with blockchain rails.
Short-dated Treasurys remain a cornerstone of global finance and are widely used by corporations and institutions as cash equivalents, and their growing tokenisation could generate new revenue streams for blockchain networks hosting these assets.