Tokenized US Treasury bonds reach a record 7.45 billion USD

The tokenized US Treasury bond market (RWA) has just reached a new peak with a total value of 7.45 billion USD on August 27, surpassing the previous record of 7.42 billion USD on July 15.

According to data from rwa.xyz, this milestone marks a 14% recovery within two weeks following the market correction that caused the scale to drop to 6.51 billion USD on August 13. Previously, the sector had lost 12% of its value since the peak in mid-July.

Source: rwa.xyzUSD Institutional Digital Liquidity Fund (BUIDL) of BlackRock continues to lead the market with 2.38 billion USD in assets, accounting for 32% of the total market capitalization.

The strongest growth products in the past 30 days

• WisdomTree Government Money Market Digital Fund (WTGXX): net inflow of 440 million USD.
• Circle USD Coin (USYC): recorded a cash flow of 253 million USD.
• OpenEden Dollar (TBILL): attracting an additional 95 million USD during the recovery phase.
• Libeara ULTRA and Ondo Finance OUSG contributed 36 million USD and 24 million USD, respectively.

These funds have offset the capital withdrawal from Franklin Templeton’s BENJI Fund ( - 78 million USD ) and Centrifuge JTFSY ( - 49 million USD ).

Overall, the top five tokenized treasury products currently account for 73.6% of the market share.

Market structure

• WisdomTree ranked second with 931 million USD, although it has decreased from the recent peak.
• Franklin Templeton BENJI holds 744 million USD.
• Ondo Finance OUSG and USDY reached 732 million USD and 689 million USD, respectively.

Demand for organization increases strongly

The recent recovery indicates the growing appetite of institutions for tokenized treasury bonds, despite volatility in the traditional fixed-income market.

Most of these funds set a high minimum investment level, for example, the BUIDL fund requires a minimum of 5 million USD. However, the advantage of tokenized bonds lies in the ability to trade 24/7 and the programmable features, which traditional government bond markets do not have.

As a result, the scale of tokenized U.S. Treasury bonds has grown by 256% compared to the same period last year.

The challenge is still ahead

Although the demand for tokenized real assets is growing, the path to widespread adoption is still long.

Mr. Max Gokhman, Deputy Director of Investment at Franklin Templeton Investment Solutions, noted that the majority of fund managers are still not interested in cryptocurrencies. However, educational initiatives and new yield mechanisms — such as the approval of cryptocurrency ETFs with staking features — could pave the way for broader participation.

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