The tokenized U.S. Treasury market has grown by more than $1 billion since the start of 2026, surpassing $10.8 billion in market capitalization. This surge has occurred despite macroeconomic uncertainty and concerns over the U.S. national debt, with the sector experiencing 50x growth since 2024, aided by major entrants like BlackRock‘s BUIDL fund.
The tokenized U.S. Treasury market has grown by over $1 billion since January 1, 2026. The market capitalization now exceeds $10.8 billion, according to data from RWA.xyz.
This market has expanded 50x since 2024, aided by data from Token Terminal. A key driver was the March 2024 debut of asset manager BlackRock‘s USD Institutional Digital Liquidity Fund (BUIDL), which now has a market cap over $1.2 billion.
Growth continued despite a broad crypto market downturn that began in October 2025. Investor uncertainty about the 2026 macroeconomic outlook also persisted, with an investor sentiment tracker spiking to record highs in 2025.
In December 2025, The Depository Trust and Clearing Corporation (DTCC) announced plans to launch a U.S. Treasury tokenization service. DTCC CEO Frank La Salla stated the service will eventually expand to include a “broad spectrum” of assets.
“Following the tokenization of US Treasurys on the Canton network, DTCC anticipates that exchange-traded funds (ETFs) and equities will come shortly thereafter,” La Salla said. The corporation is the world’s largest clearinghouse, having settled $3.7 quadrillion in transaction volume in 2024.
U.S. Treasurys are considered the backbone of global and corporate finance due to their deep liquidity. Corporations and institutional investors often use short-term Treasurys as a proxy for physical cash.
