Six issuers are now behind the biggest milestone yet in Ethereum-based government debt.
A Market Built By Many Hands
BlackRock’s BUIDL fund, issued through Securitize, holds the largest share. But the race to $8 billion wasn’t a one-company story.
Franklin Templeton’s iBENJI, WisdomTree’s WTGXX, Ondo Finance’s USDY, Centrifuge’s JTRSY, and Superstate’s USTB all contributed to what Token Terminal now confirms is an all-time high for tokenized US Treasury products on Ethereum.
The total market cap sits at roughly $8 billion — up about 100% in just six months.
That kind of growth, spread across multiple established institutions and crypto-native platforms, points to something broader than a single firm testing the waters.
Major asset managers are building these products because they see demand. And that demand is coming from investors who want US government debt exposure with the operational advantages that blockchain infrastructure provides — faster settlement, around-the-clock access, and programmable functionality not available in traditional bond markets.
The market cap of tokenized U.S. Treasuries on @ethereum is at an ATH of ~$8 billion, up ~100% over the past six months.
Key drivers of growth: BUIDL (Securitize), JTRSY (Centrifuge), iBENJI (Franklin Templeton), WTGXX (WisdomTree), USDY (Ondo Finance), and USTB (Superstate). pic.twitter.com/WNE56wSyhE
— Token Terminal
(@tokenterminal) May 5, 2026
Ethereum is where nearly all of this activity is concentrated. Data from rwa.xyz shows the network leads the tokenized Treasury space by a wide margin. BNB Chain is the closest competitor, holding $3.4 billion in tokenized Treasury value. Solana, Stellar, and the XRP Ledger each hold under $1 billion.
Idle Capital Finding A New Home
One reason for the surge is how these products are being used once they’re on-chain. Tokenized Treasuries aren’t just sitting in wallets. They’re being deployed as yield-bearing collateral inside decentralized lending protocols and money markets.
That makes them functional in ways traditional bond holdings are not — and it gives DeFi participants access to a stable, government-backed asset that earns yield while remaining usable within broader financial applications.
According to reports, the sector has matured into a multi-billion-dollar liquidity layer on Ethereum, competing directly with stablecoin reserves, money market funds, and short-term ETFs.
As more of this collateral moves on-chain, Ethereum’s total secured value grows, reinforcing its position as the primary settlement network for institutional digital assets.
Still A Fraction Of The Whole
The $8 billion figure, while record-breaking for the sector, represents a small slice of the $27 trillion US Treasury market. Regulatory questions also remain open.
Governments and financial regulators are still working through how blockchain-based securities should be governed — covering custody rules, compliance standards, and investor protections.
Featured image from ExperienceFirst, chart from TradingView
