In 2025, tokenized Treasury bonds have seen extraordinary expansion, driven by substantial institutional issuances—most notably the Blackrock USD Institutional Digital Liquidity Fund (BUIDL) and several peers. During a seven‑day span, the tokenized Treasury market rose from $5.49 billion to $5.94 billion, placing it just $60 million shy of the $6 billion threshold.
The Blackrock USD Institutional Digital Liquidity Fund (BUIDL).
Rwa.xyz stats show that BUIDL remains the largest fund by market capitalization at $2.469 billion, up $303 million from $2.166 billion a week earlier. It is followed by Franklin Templeton’s Onchain U.S. Government Money Fund, dubbed BENJI, which stands at $702 million. BENJI shed $4 million from $706 million seven days ago. Ondo’s USDY fund held relatively steady, moving from $586 million to $585.9 million over the same period.
Hashnote’s USYC slipped again, falling from $557 million on Apr. 10 to $524 million today. Meanwhile, USTB, OUSG, JTRSY, TBILL and USTBL all logged minor gains over the week. The tokenized Treasury bond sector has grown exponentially since early 2023, and it is projected to reach $1 trillion by 2028.
A key advantage of tokenized Treasuries is that onchain settlement via blockchain cuts trade finality from days to minutes, mitigating counterparty and operational risks. So far in 2025, the tokenized Treasury bond market has grown by 48.13%. The rapid embrace of tokenized Treasuries signals a broader shift in fixed-income markets, as digital infrastructure increasingly meets institutional demand.
If efficiency gains and confident liquidity providers persist, blockchain-based government bond trading may redefine traditional settlement norms and attract a great deal more of new capital this year. BUIDL has also infiltrated the dollar-pegged token arena as it holds the sixth-largest market cap today, according to Defillama’s stablecoin ecosystem metrics.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
