365Crypto
$7.45B Milestone
Tokenized U.S. Treasuries reached a record $7.45 billion on Aug. 27, beating the July peak of $7.42 billion. The move followed a market correction that had dropped the sector to $6.51 billion just two weeks earlier.
Big Players Lead the Pack
BlackRock’s digital liquidity fund BUIDL still leads the race with $2.38 billion, holding 32% of the entire tokenized treasury market.
WisdomTree came in strong with $440 million in new inflows, while Circle’s USYC pulled $253 million. OpenEden’s TBILL attracted $95 million. Smaller boosts came from Libeara’s ULTRA and Ondo’s OUSG with $36 million and $24 million.
Some funds saw exits, though. Franklin Templeton’s BENJI lost $78 million, while Centrifuge’s JTFSY had $49 million outflows.
Market Concentration
The top five products control nearly three-quarters of the market at 73.6%. WisdomTree holds $931 million, Franklin’s BENJI has $744 million, and Ondo’s OUSG and USDY add $732 million and $689 million.
Why Institutions Care
Institutions want 24/7 liquidity and programmability, something traditional bonds cannot match. Tokenized treasuries saw 256% year-over-year growth, proving demand is real.
Still, most fund managers remain cautious about crypto. As Franklin Templeton’s Max Gokhman said, education and yield-focused products like crypto ETFs with staking could spark wider adoption.
