Tokenized Treasuries Soar Past $1.5 Billion Market Cap

Tokenized Treasuries and real-world asset (RWA) protocols have continued to show strong growth throughout 2024.

By: Squiffs Loading...

Treasury bills and upward-trending arrows glowing in neon colors

Demand for tokenized U.S. Treasuries continues to rise, with real-world asset (RWA) protocols growing significantly this year.

Tokenized RWAs, including treasuries, bonds, and cash equivalents, have grown 35% since the beginning of April. Over the same period, the total value locked (TVL) in Ondo Finance, one of the leading RWA-focused DeFi protocols, has increased to $507 million from $221M in April.

Leading the charge is Blackrock’s $BUIDL (BlackRock USD Institutional Digital Liquidity Fund), which has grown 65% since the start of the quarter, boosting the total tokenized Treasuries market cap above $1.5 billion. Franklin Templeton’s $FOBXX (Franklin Onchain U.S. Government Money Fund) also expanded by nearly 27%.

Tokenized Treasuries Total Market Cap chart
Tokenized Treasuries Total Market Cap

The RWA sector is separated into tokenized Treasuries, commodities, real estate, and stablecoins. The commodities and stablecoin markets have remained relatively flat, while Treasuries have commanded most of the attention over the last few months.

As a result, Ondo’s native token is up 68% since the end of March, having rallied more than six-fold since its token generation event in January.

Ondo Token Price YTD chart
Ondo Token Price YTD