Tokenized US Treasurys surge 50x since 2024, marking shift toward on-chain finance

From niche experiment to $7 billion market, tokenized US Treasurys are quietly becoming a major driver of institutional onchain yield.

Tokenized US Treasurys have emerged as one of the fastest-growing segments of the real-world asset (RWA) market, with data pointing to 50x growth in less than two years amid rising institutional demand for on-chain yield.

Data from Token Terminal shows that the combined market capitalization of tokenized US Treasury products has exploded from well under $200 million in January 2024 to almost $7 billion in late 2025. The growth underscores the rapid acceleration of onchain adoption for government-backed debt instruments.

At the center of this expansion is BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which is widely regarded as the flagship product of the tokenized Treasury market. 

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