Blackrock and Circle Lead Tokenized Treasuries as Market Value Climbs to $15.20B
Key Takeaways:
Rounding out the top five are Ondo U.S. Dollar Yield (USDY) at $2.14 billion, the Franklin Onchain U.S. Government Money Fund (BENJI), overseen by Franklin Templeton, at $2.05 billion, and the Janus Henderson Anemoy Treasury Fund (JTRSY), which stands at $1.24 billion. Collectively, these five products account for a market valuation of approximately $10.92 billion.
The remaining $4.28 billion is distributed across 66 additional assets. Positions six through ten include the Wisdomtree Government Money Market Digital Fund (WTGXX), with a market capitalization of $978.06 million, followed closely by the Superstate Short Duration U.S. Government Securities Fund (USTB), which holds $814.13 million.
The Ondo Short-Term U.S. Government Bond Fund (OUSG) holds the eighth position with $682.37 million, followed by the ChinaAMC USD Digital Money Market Fund Class I (CUMIU) at $547.56 million. Closing out the top ten is the Spiko U.S. T-Bills Money Market Fund (USTBL), which carries a valuation of $153.32 million this weekend. The tokenized Treasuries ranked six through ten exceed $3 billion in total value.
With capital continuing to concentrate among leading issuers, tokenized Treasuries appear to be settling into a more defined hierarchy in 2026. While dominant funds retain a sizable share of the market, the breadth of smaller offerings suggests steady diversification across issuers and chains.
If current issuance and adoption trends persist, and many insist it will, the sector will likely continue to attract both institutional and onchain participants seeking yield-bearing, dollar-linked exposure.
About Author
