Tokenized US Treasurys surge 50x since 2024, marking shift toward onchain 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 onchain 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.
