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Tokenized US Treasury Market Cap on Ethereum Reaches Record $8 Billion
The market for tokenized U.S. Treasury bonds on Ethereum has reached a new all-time high.
The segment’s market capitalization climbed to $8 billion, according to Token Terminal.
The market cap of tokenized U.S. Treasuries on @ethereum is at an ATH of ~$8 billion, up ~100% over the past six months.
Key drivers of growth: BUIDL (Securitize), JTRSY (Centrifuge), iBENJI (Franklin Templeton), WTGXX (WisdomTree), $USDY (Ondo Finance), and USTB (Superstate). pic.twitter.com/WNE56wSyhE
— Token Terminal 📊 (@tokenterminal) May 5, 2026
Over the last six months, the figure has doubled.
The primary growth drivers were the following products:
- BUIDL (Securitize);
- JTRSY (Centrifuge);
- BENJI (Franklin Templeton);
- WTGXX (WisdomTree);
- Ondo US Dollar Yield (Ondo Finance);
- USTB (Superstate).
U.S. Treasuries remain one of the most in-demand asset classes in the sector.
American government bonds are widely considered the most stable and liquid investment instrument in the world.
Tokenization Through XRP Ledger
JPMorgan Chase and Mastercard completed the first cross-border settlement of a tokenized Treasury fund using the XRP Ledger blockchain.
As part of the pilot project, Ondo Finance settled an OUSG transaction on the XRP Ledger.
Mastercard’s Multi-Token Network routed instructions through Kinexys by JPMorgan Chase, after which U.S. dollars were credited to a Ripple account in Singapore.
Ondo described the event as the first-ever example of a public blockchain and global banking infrastructure jointly settling a tokenized fund in near real time.
Thrilled to work with the teams at JP Morgan, Ripple, and Mastercard on this.
This is how crypto and tradfi rails come together: the first time tokenized tbills are settled cross border and banks, near real time.
Go in real time from tokenized tbills in bank in country 1 —>… https://t.co/hyuzJ4E9Me
— Ben Grossman (@ben_grossman) May 6, 2026
The pilot continued experiments initiated by JPMorgan Chase and Ondo Finance in May 2025.
At that time, they tested the transfer of tokenized bonds across public networks.
The Segment Is Still in an Early Stage
According to analysts at Pantera Capital, the tokenized asset market remains far from becoming a fully developed on-chain financial system.
At the same time, the segment’s market capitalization has already reached $31.1 billion.
Source: RWA.xyz.
The fund evaluated 524 digitized assets across 11 categories using its proprietary Tokenization Progress Index (TPI), which measures project maturity on a scale from 1 to 5.
The market-wide average score was only 2.04.
According to Pantera:
- approximately 77.6% of assets remain simple “wrappers” around traditional infrastructure;
- 11.1% belong to hybrid models;
- only 2.7% can be considered truly native on-chain instruments.
Analysts compared the current state of the industry to the early internet era — “a newspaper on a website,” when new technologies merely replicated old models instead of creating fundamentally new formats.
Pantera Capital believes that most issuers are still simply moving traditional financial products onto blockchains without utilizing the technology’s key advantages: programmability, composability, instant settlement, and automated asset management.
Key Obstacles
Among the main challenges facing the RWA segment, experts highlighted:
- dependence on custodians and centralized intermediaries;
- limited issuance and redemption mechanisms;
- weak DeFi integration;
- low process automation.
According to the report, 91.1% of assets still use closed issuance and redemption models.
Only 13 projects have implemented nearly fully autonomous minting and burning mechanisms.
Just 10.6% of assets demonstrate meaningful DeFi composability.
Stablecoins remain the exception.
Pantera Capital described “stablecoins” as the only segment that has already achieved large-scale real utility within the on-chain economy.
Growth Continues
Growth rates continue to accelerate.
In 2025, 168 new tokenized assets were launched, compared with 78 a year earlier.
The total market size expanded from approximately $200 billion to $320 billion.
Source: Pantera.
Stablecoins remain the dominant segment.
Alongside them, tokenized U.S. Treasuries are also growing rapidly.
However, Pantera Capital emphasized that true maturity will only arrive once these assets stop being digital replicas and begin fully leveraging blockchain capabilities.
