Tokenized U.S. Treasury products reached $15.2 billion in public-blockchain value during May 2026, nearly tripling from the roughly $5 billion recorded in March 2025. The milestone established government debt as the largest tokenized real-world asset category, representing almost half of the $34 billion in non-stablecoin RWAs tracked at the time.
The May record has since become a methodological rather than purely numerical benchmark. RWA.xyz now displays more than $16 billion under its broader distributed-value measurement, while a narrower dashboard view shows approximately $10.93 billion. The difference reflects how analytics providers classify distributed, represented and bridged assets, making direct comparisons unreliable unless the same methodology and date are used.
Tokenized U.S. T-bills have reached $15.2B in market cap, marking an all-time high.
Circle leads with $3.0B, followed by Securitize ($2.9B), Franklin Templeton ($2.5B), and Ondo Finance ($2.5B).
A competitive issuer landscape to watch: pic.twitter.com/u4KvJItWE5
— Token Terminal đź“Š (@tokenterminal) August 3, 2026
Major Issuers Control Most of the Market
Circle and Securitize lead the platform-level rankings at roughly $3 billion and $2.9 billion, respectively, with Franklin Templeton and Ondo also managing multibillion-dollar tokenized Treasury portfolios. Issuer totals should not be confused with individual product values, because one platform can support several funds, share classes or blockchain deployments.
At the product level, Circle’s USYC currently holds about $3.01 billion, while BlackRock’s BUIDL stands near $2.67 billion. USYC represents interests in a short-duration Treasury and reverse-repurchase fund, while BUIDL invests in cash, Treasury bills and repurchase agreements through a structure tokenized by Securitize. These assets generate yield from conventional fixed-income portfolios rather than speculative token issuance.
The largest products account for a substantial share of the category, concentrating operational exposure among a small number of managers, custodians and transfer agents. Tokenization changes the ownership and settlement layer but does not remove dependence on offchain portfolio management, custody, administration and regulatory compliance. The SEC describes Securitize’s role as spanning issuance, investor onboarding, compliance, trading and fund administration within a regulated framework.
Blockchain Distribution Expands Faster Than Retail Access
Ethereum remains the broadest settlement venue, while BNB Chain, Stellar, Solana, Avalanche and other networks host meaningful balances. BUIDL alone now spans Ethereum, Solana, Avalanche, BNB Chain, Optimism, Arbitrum, Tempo, Aptos and Polygon. Multichain deployment improves distribution and collateral mobility, but it can also fragment liquidity and introduce additional bridge, oracle and operational dependencies.
Reported average holdings above $250,000 point toward institutional usage, but the calculation has limits. Holder statistics count blockchain addresses rather than verified individual investors, and custodians or omnibus wallets may represent multiple clients. Large average balances support an institutional interpretation without proving that retail participation is absent.
Tokenized Treasuries remain small compared with the roughly $30 trillion traditional U.S. Treasury market, yet their role is expanding as exchanges and financial institutions test them as transferable, yield-bearing collateral. The stronger signal is not the headline market cap alone, but the integration of regulated funds into settlement, margin and treasury-management workflows.
