Tokenized US Treasuries Market Cap Surpassed $2B Threshold on Aug. 26

This sector registered 164% growth in 2024, after starting the year sized at $769 million. Most of this boost can be linked to BlackRock's efforts

Tokenized US Treasuries crossed the $2 billion market cap threshold on Aug. 26, according to RWA.xyz’s data. The platform tracks the size of US treasuries, bonds, and cash equivalents.

This sector registered 164% growth in 2024, having started the year at $769 million. A large part of this boost can be attributed to BlackRock’s efforts in the tokenization industry, with the launch of the BUIDL fund on Mar. 20.

BUIDL allocates its assets to cash, US Treasury bills, and repurchase agreements, with its shares priced at $1. The fund was deployed on Ethereum and is the largest by market cap, nearing $510 million.

As a result of BUIDL being deployed on Ethereum, the network became the largest infrastructure in the tokenized US Treasuries market, with $1.46 billion in size.

This spot previously belonged to Stellar, as most of Franklin Templeton’s tokenized fund FOBXX shares were issued using its blockchain. FOBXX is the second-largest tokenized fund in the US, with $428 million in market cap.

Interestingly, Ondo’s US Dollar Yield is the largest by holder count, with 4,240 investors interacting with its USDY token. Moreover, the USDY size crossed $347 million recently, making it the third-largest tokenized fund.

Bridges to DeFi

Aave Labs proposed an update to the GHO Stability Module (GSM) on Aug. 26 to include the usage of BUI