Key Metrics
| Issuer | AUM | Market Share |
|---|---|---|
| BlackRock BUIDL | $1.2B | 40% |
| Franklin Templeton | $850M | 28% |
| Ondo Finance | $620M | 21% |
| Others | $330M | 11% |
(Source: rwa.xyz, February 2026)
Context
The $3 billion milestone represents a 150% increase from the $1.2 billion recorded at the start of 2025. This growth has been driven primarily by institutional investors seeking yield-bearing stablecoin alternatives.
What This Means for Investors
- Tokenized treasuries now offer a viable alternative to traditional money market funds
- On-chain settlement enables 24/7 trading and instant redemptions
- Yields track closely with Fed Funds rate, currently around 4.5%
Risk Considerations: Tokenized treasuries carry smart contract risk in addition to interest rate risk. Verify issuer credentials and redemption processes before investing.
Data sources: rwa.xyz, DefiLlama. All figures as of February 19, 2026.