The tokenized US treasury market has surged by more than $1 billion since the beginning of 2026, despite macroeconomic uncertainty and concerns over the rising national debt of the US government.
Tokenized US Treasuries are government debt instruments that are a form of real-world asset (RWA) represented on-chain by tokens.
According to data from RWA.xyz, the market capitalization of tokenized treasuries increased from $8.9 billion on January 1 to more than $10.8 billion at the time of writing.
The tokenized US treasury market has grown 50x since 2024, aided by the March 2024 launch of asset manager BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which now has a market cap of more than $1.2 billion, according to data from Token Terminal.
Tokenized US Treasuries continued to rise despite the broader crypto market downturn that began in October 2025, increased US government debt levels, and investor uncertainty about the macroeconomic outlook in 2026.
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The Depository Trust and Clearing Corporation to launch US Treasury tokenization service
The Depository Trust and Clearing Corporation (DTCC), which provides clearing and settlement services for global financial markets, announced plans to launch an asset tokenization service starting with the US Treasury in December 2025.
According to CEO Frank La Salla, DTCC will eventually expand the service to include a “broad spectrum” of assets.
“Following the tokenization of US Treasuries on the Canton Network, DTCC expects exchange-traded funds (ETFs) and equities to follow soon,” La Salla said.
According to the company, DTCC is the world’s largest clearinghouse and will settle $3.7 quadrillion in transaction volume in 2024.
US Treasuries are considered the backbone of global and corporate finance due to the deep liquidity of the US Treasury market.
Corporations and institutional investors use short-term Treasuries with a maturity of one year or less as a proxy for physical cash.
Proponents of the technology say an increase in tokenized U.S. Treasuries and other U.S. government debt could increase the flow of revenue into the blockchain network where tokenized assets are minted.
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