Tokenized US Treasuries have surged to $9.2B (Source: rwa.xyz, Feb 2026) in total value locked, representing a 136% increase year-to-date. This milestone cements treasury-backed tokens as the dominant RWA category.
Market Leaders
| Protocol | TVL | Market Share |
|---|---|---|
| BlackRock BUIDL | $2.8B | 30% |
| Ondo OUSG | $1.9B | 21% |
| Franklin BENJI | $1.2B | 13% |
| Superstate USTB | $890M | 10% |
Institutional Drivers
The growth is primarily driven by regulatory clarity from GENIUS Act, integration with DeFi protocols as collateral, and yield advantages over traditional money markets.
Outlook
Analysts project tokenized treasuries could reach $15 billion by year-end as more institutions seek compliant yield opportunities.
What This Means for Investors
- Tokenized treasuries at $9.2B represent the most institutional-friendly RWA category.
- Current yields of 4.5-5% APY with minimal smart contract risk make this attractive for conservative allocators.
- BlackRock and Franklin Templeton products dominate—established TradFi names reduce counterparty concerns.
"Tokenized treasuries represent the most straightforward bridge between traditional finance and blockchain rails."— rwa.xyz Market Report (rwa.xyz/research)
According to rwa.xyz data on tokenized treasury products.