Tokenized Treasuries Grow 50-Fold Since 2024 as Whales Scoop Up $1 Billion Worth

▲ U.S. Treasury Bonds, Tokenization, Blockchain/AI-Generated Image

Despite macroeconomic uncertainty and growing concerns over rising U.S. government debt, the market for tokenized U.S. Treasury bonds has surged by more than $1 billion since the beginning of this year, demonstrating the strong growth of real-world asset tokenization.

According to crypto-focused media outlet Cointelegraph, a February 25 report stated that the market capitalization of tokenized U.S. Treasuries, a representative form of real-world assets (RWA), has surpassed $10.8 billion. This marks an increase of more than $1 billion in just over two months from the $8.9 billion recorded on January 1. Data from digital asset analytics firm RWA.xyz shows that this growth has continued unabated despite the broader downturn in the cryptocurrency market and macroeconomic instability that began in October 2025.

The explosive growth of the tokenized U.S. Treasury market was significantly driven by the participation of BlackRock, the world’s largest asset manager. Launched in March 2024, BlackRock’s institutional digital liquidity fund, BUIDL, currently leads the market with a market capitalization exceeding $1.2 billion. According to crypto analytics firm Token Terminal, the market has grown more than 50-fold since 2024, fueled by surging demand from institutional investors seeking to use on-chain U.S. Treasuries as a cash alternative.

The Depository Trust & Clearing Corporation (DTCC), which provides clearing and settlement services for global financial markets, is also entering the tokenization market in earnest. DTCC CEO Frank La Salla announced in December 2025 that the company would launch tokenization services covering a broad range of assets, beginning with U.S. Treasuries. Following the tokenization of Treasuries on the Canton blockchain network, La Salla plans to rapidly expand services to include other assets such as spot ETFs and equities.

DTCC is the world’s largest clearinghouse, processing an astronomical $3,700 trillion in transactions in 2024 alone. The entry of such a major institution is expected to bring substantial revenue and liquidity to blockchain networks, given the central role U.S. Treasuries play in global financial infrastructure. Corporations and institutional investors are holding short-term Treasuries with maturities of less than one year in digital token form, securing liquidity equivalent to physical cash while benefiting from the efficiency of on-chain finance.

Tokenization technology is driving fundamental changes in the financial system by combining the deep liquidity of traditional finance with the transparency of blockchain. Amid ongoing macroeconomic uncertainty, demand for the tokenization of safe-haven assets such as U.S. Treasuries is expected to continue expanding. Market participants are closely watching as asset tokenization, supported by DTCC’s full-scale service rollout, establishes itself as a core asset class in mainstream financial markets.

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