Tokenized US Treasuries Shatter Records: $7.45B ATH Achieved After July’s Market Correction
Digital assets just schooled traditional finance—again.
Tokenized US Treasuries blast past previous milestones, hitting a staggering $7.45 billion all-time high. That rebound didn’t just happen—it roared back after July’s cool-down.
Why It Matters
Real-world assets aren’t just knocking on crypto’s door—they’re kicking it down. Institutions are voting with their capital, and the ballot box is on-chain.
Behind the Surge
Yield-hungry investors are ditching sluggish traditional portals for transparent, blockchain-based alternatives. Speed, accessibility, and composability are driving the move—not to mention actual yield in a near-zero-rate hangover.
Wall Street’s Still Catching Up
While suits debate settlement times, DeFi protocols are executing in seconds. Maybe someday traditional finance will upgrade from fax-machine era tech—but until then, the chain doesn’t lie.
Bottom line: When the dust settled after July’s correction, the smart money wasn’t hiding—it was tokenizing.
Top 30-day performers
Net FLOW data for the 30 days ending Aug. 28 shows WisdomTree Government Money Market Digital Fund (WTGXX) leading inflows with $440 million, followed by Circle’s USD Coin (USYC) at $253 million.
OpenEden Dollar (TBILL) captured $95 million in new deposits during the recovery period.
Libeara and ONDO Finance also contributed to the rebound, with their ULTRA and OUSG products attracting $36 million and $24 million, respectively.
These inflows offset outflows from Franklin Templeton’s OnChain U.S. Government Money Fund (BENJI), which recorded $78 million in redemptions, and Centrifuge (JTFSY) with $49 million in net outflows.
The five largest tokenized treasury products by market capitalization represent a concentrated market share of 73.6%.
WisdomTree ranks second at $931 million, down from recent highs, while Franklin Templeton’s BENJI holds $744 million. Ondo’s OUSG and USDY products round out the top five with $732 million and $689 million, respectively.
Market structure evolution
The recovery demonstrates growing institutional appetite for blockchain-based treasury exposure despite traditional fixed-income market volatility. Most of these funds have high minimum investment thresholds, such as BUILD’s $5 million minimum deposit.
Tokenized treasuries provide 24/7 trading capabilities and programmable features that are not available in conventional government bond markets. The liquidity model, available at any time, prompted a 256% year-over-year growth in tokenized US treasuries.
Despite the increased appetite for tokenized real-world assets, they still have a long way to go.
Max Gokhman, Deputy Chief Investment Officer for Franklin Templeton Investment Solutions, recently stated that most fund managers are not interested in cryptocurrency.
However, education and yield-related moves, such as approving crypto exchange-traded funds with staking, could help drive more adoption among these investors.
