{"id":96912,"date":"2026-05-07T16:20:50","date_gmt":"2026-05-07T13:20:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=96912"},"modified":"2026-05-07T16:26:53","modified_gmt":"2026-05-07T13:26:53","slug":"tokenised-us-treasuries-on-ethereum-hit-a-record-8bn","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tokenised-us-treasuries-on-ethereum-hit-a-record-8bn\/","title":{"rendered":"Tokenised US Treasuries on Ethereum hit a record $8bn"},"content":{"rendered":"<p>The market for <a href=\"https:\/\/forklog.com\/en\/news\/what-are-tokenised-assets\">tokenised<\/a> US Treasuries on Ethereum has hit a new all-time high. The segment\u2019s market capitalisation reached $8bn, according to Token Terminal.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The market cap of tokenized U.S. Treasuries on <a href=\"https:\/\/twitter.com\/ethereum?ref_src=twsrc%5Etfw\">@ethereum<\/a> is at an ATH of ~$8 billion, up ~100% over the past six months.<\/p>\n<p>Key drivers of growth: BUIDL (Securitize), JTRSY (Centrifuge), iBENJI (Franklin Templeton), WTGXX (WisdomTree), USDY (Ondo Finance), and USTB (Superstate). <a href=\"https:\/\/t.co\/WNE56wSyhE\">pic.twitter.com\/WNE56wSyhE<\/a><\/p>\n<p>\u2014 Token Terminal \ud83d\udcca (@tokenterminal) <a href=\"https:\/\/twitter.com\/tokenterminal\/status\/2051728528924663913?ref_src=twsrc%5Etfw\">May 5, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The tally has doubled over the past six months. Key drivers include:<\/p>\n<ul class=\"wp-block-list\">\n<li>BUIDL (Securitize);<\/li>\n<li>JTRSY (Centrifuge);<\/li>\n<li>BENJI (Franklin Templeton);<\/li>\n<li>WTGXX (WisdomTree);<\/li>\n<li>USDY (Ondo Finance);<\/li>\n<li>USTB (Superstate).<\/li>\n<\/ul>\n<p>Treasuries remain among the most sought-after asset classes in the segment. US government bonds are widely regarded as the world\u2019s most stable and liquid investment instrument.<\/p>\n<h2 class=\"wp-block-heading\">Tokenisation via XRP Ledger<\/h2>\n<p>JPMorgan and Mastercard <a href=\"https:\/\/www.prnewswire.com\/news-releases\/ondo-kinexys-by-jp-morgan-mastercard-and-ripple-complete-first-cross-border-cross-bank-redemption-of-tokenized-us-treasuries-302764324.html\">carried out<\/a> the first cross-border redemption of a tokenised Treasuries fund via the <a href=\"https:\/\/forklog.com\/en\/news\/what-are-ripple-and-the-cryptocurrency-xrp\">Ripple<\/a> blockchain.<\/p>\n<p>As part of the pilot, Ondo Finance settled an OUSG transaction on the XRP Ledger. Mastercard\u2019s <a href=\"https:\/\/forklog.com\/en\/news\/mastercard-to-pilot-tokenized-bank-deposits\">Multi-Token Network<\/a> sent instructions to JPMorgan Kinexys, and dollars were credited to Ripple\u2019s account in Singapore.<\/p>\n<p>Ondo called it the first instance of a public blockchain and global banking infrastructure settling a tokenised fund together in real time.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Thrilled to work with the teams at JP Morgan, Ripple, and Mastercard on this. <\/p>\n<p>This is how crypto and tradfi rails come together: the first time tokenized tbills are settled cross border and banks, near real time. <\/p>\n<p>Go in real time from tokenized tbills in bank in country 1 \u2014&gt;\u2026 <a href=\"https:\/\/t.co\/hyuzJ4E9Me\">https:\/\/t.co\/hyuzJ4E9Me<\/a><\/p>\n<p>\u2014 Ben Grossman (@ben_grossman) <a href=\"https:\/\/twitter.com\/ben_grossman\/status\/2052050316657557700?ref_src=twsrc%5Etfw\">May 6, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The pilot extends experiments that JPMorgan and Ondo <a href=\"https:\/\/forklog.com\/en\/news\/chainlink-connects-jpmorgan-blockchain-with-ondo-chain-testnet\">began in May 2025<\/a>, when they tested moving tokenised bonds across public networks.<\/p>\n<h2 class=\"wp-block-heading\">Still early days<\/h2>\n<p>According to analysts at <a href=\"https:\/\/panteracapital.com\/wp-content\/uploads\/2026\/05\/State-of-Tokenization-Q1-2026-Pantera-Capital.pdf\">Pantera Capital<\/a>, the market for tokenised assets remains a long way from a fully fledged on-chain financial system. Even so, the segment\u2019s capitalisation has reached $31.1bn.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-38677db1e2daf4a8-3761201333380097.webp\" alt=\"image\" class=\"wp-image-279692\"\/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/app.rwa.xyz\/\">RWA.xyz<\/a>. <\/figcaption><\/figure>\n<p>The fund assessed 524 digitised assets across 11 categories using its Tokenization Progress Index (TPI), which rates project maturity on a 1\u20135 scale. The market average was just 2.04.<\/p>\n<p>Pantera estimates:<\/p>\n<ul class=\"wp-block-list\">\n<li>around 77.6% of assets are still wrappers atop traditional infrastructure;<\/li>\n<li>11.1% use a hybrid model;<\/li>\n<li>only 2.7% can be deemed truly native on-chain instruments.<\/li>\n<\/ul>\n<p>Analysts likened the industry\u2019s state to the early internet \u2014 \u201ca newspaper on a website\u201d \u2014 when new technologies replicate old models rather than create new formats.<\/p>\n<p>Pantera argues that most issuers still port traditional financial products to blockchains without tapping core advantages: programmability, composability, instant settlement and automated asset management.<\/p>\n<h2 class=\"wp-block-heading\">The sticking points<\/h2>\n<p>Experts highlighted the main challenges facing the <a href=\"https:\/\/forklog.com\/en\/news\/what-are-rwas-real-world-assets\">RWA<\/a> segment:<\/p>\n<ul class=\"wp-block-list\">\n<li>dependence on custodians and centralised intermediaries;<\/li>\n<li>limited issuance and redemption mechanisms;<\/li>\n<li>weak integration with <a href=\"https:\/\/forklog.com\/en\/news\/what-is-decentralised-finance-defi\">DeFi<\/a>;<\/li>\n<li>low process automation.<\/li>\n<\/ul>\n<p>According to the report, 91.1% of assets still use closed issuance and redemption models. Only 13 projects have achieved near-fully autonomous mint-and-burn mechanics.<\/p>\n<p>Only 10.6% of assets have meaningful DeFi composability. The exception remains <a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\">stablecoins<\/a>. Pantera called \u201cstable coins\u201d the only segment that has already achieved large-scale real utility in the on-chain economy.<\/p>\n<h2 class=\"wp-block-heading\">Growth nonetheless<\/h2>\n<p>Growth continues to accelerate. In 2025, 168 new tokenised assets launched \u2014 up from 78 a year earlier. The total market size jumped from roughly $200bn to $320bn.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-136f8e41e0463ba7-3761222375782992.webp\" alt=\"image\" class=\"wp-image-279693\"\/><figcaption class=\"wp-element-caption\">Source: Pantera. <\/figcaption><\/figure>\n<p>Stablecoins remain the key segment. Tokenised US Treasuries are also growing quickly alongside them.<\/p>\n<p>But Pantera stressed that true maturity will come only when such assets stop being digital facsimiles and fully exploit the advantages of blockchain.<\/p>\n<h2 class=\"wp-block-heading\">Kraken\u2019s view<\/h2>\n<p>A similar assessment came from Kraken co-CEO Arjun Sethi in a conversation with <a href=\"https:\/\/www.theblock.co\/post\/400390\/kraken-co-ceo-says-tokenized-equities-wont-open-the-floodgates-for-institutions-overnight\">The Block<\/a>. He said tokenised equities are unlikely to change how large US financial institutions operate overnight.<\/p>\n<p>He noted that <a href=\"https:\/\/forklog.com\/en\/news\/xstocks-tokenized-stock-trading-volume-surpasses-25-billion\">the exchange\u2019s xStocks product<\/a> has processed roughly $5bn in transactions since its launch in June 2025. Sethi called RWA the next stage of crypto-market development after bitcoin, altcoins and stablecoins.<\/p>\n<p>But he warned that even clearer regulation in the United States will not trigger instant mass adoption by banks, brokers and other players.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cI don\u2019t think this will open the floodgates the way many expect. Brokers, banks and institutions will not change their collateral systems in a day,\u201d he said.<\/em><\/p>\n<\/blockquote>\n<p>Sethi added that demand for tokenised equities is currently strongest among fintech companies outside the US \u2014 in Mexico, Brazil, and countries in Africa and South-East Asia.<\/p>\n<p>Broad adoption of such instruments is five to ten years away, he reckons.<\/p>\n<p>In May, Ethereum co-founder Joseph Lubin <a href=\"https:\/\/forklog.com\/en\/news\/joseph-lubin-foresees-global-economy-transitioning-on-chain\">predicted<\/a> a full shift of the global economy on-chain.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tokenised US Treasuries on Ethereum hit an all-time high, with market cap reaching $8bn.<\/p>\n","protected":false},"author":1,"featured_media":96913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Tokenised US Treasuries on Ethereum reach a record $8bn.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1282,46,1138,1308],"class_list":["post-96912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-asset-tokenization","tag-ethereum","tag-opinions","tag-rwa"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"Tokenised US Treasuries on Ethereum reach a record $8bn.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=96912"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96912\/revisions"}],"predecessor-version":[{"id":96914,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96912\/revisions\/96914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/96913"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=96912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=96912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=96912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}