Tokenized U.S. Treasuries TVL Hits $7.42 Billion Record

The tokenized U.S. Treasury sector has set a new record, surpassing its previous high from July 2025. As of August 23, 2025, the total value locked (TVL) in tokenized U.S. Treasuries reached $7.42 billion, edging slightly above the prior record of $7.41 billion set on July 16 [1]. This growth reflects a 1.41% increase in TVL compared to the previous week and indicates a continuing trend of institutional and retail investor interest in blockchain-based government securities.

The market now includes 49 distinct tokenized bond products across multiple protocols and issuers, with a combined average yield to maturity of 4.09%. Over 52,600 unique holders are currently participating in the sector, demonstrating broad-based demand and diversification. Blackrock’s USD Institutional Digital Liquidity Fund (BUIDL), issued via Securitize, leads the market with a $2.38 billion market cap. Wisdomtree’s Government Money Market Digital Fund (WTGXX) follows with $931 million, while Franklin Templeton’s Onchain U.S. Government Money Fund (BENJI) ranks third with $748 million [1].

Among the top five, Ondo’s Short-Term U.S. Government Bond Fund (OUSG) and U.S. Dollar Yield (USDY) hold $732 million and $688 million, respectively. Circle’s USYC, a tokenized stablecoin backed by U.S. government securities, holds $519 million and is available across multiple chains, including Ethereum and Solana. The remaining top ten includes products from Janus Henderson, Openeden, and Superstate, with assets ranging from $276 million to $357 million [1].

Ethereum remains the dominant blockchain in the sector, accounting for $5.3 billion of the total $7.42 billion market cap. Other blockchains, including Stellar, BNB Chain, Solana, and Arbitrum, also host significant portions of tokenized Treasury assets, contributing to the diversification of liquidity across chains. Over the past 30 days, Wisdomtree’s WTGXX experienced the largest inflow at $444 million, followed by Circle’s USYC with $275 million. In contrast, Franklin Templeton’s BENJI faced outflows of $103 million, while Anemoy’s JTRSY and Blackrock’s BUIDL also saw investor withdrawals [1].

The return to record TVL levels highlights the ongoing appeal of tokenized Treasuries as digital, liquid, and yield-bearing assets. With major institutional players like Blackrock, Wisdomtree, and Franklin Templeton anchoring the market, tokenized bonds are emerging as one of the fastest-growing segments within real-world asset (RWA) finance [1].

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[1] https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=tokenized-treasury-sector-surpasses-july-high-setting-new-record