The benchmark US Treasury market is up $1B since the start of the year.
As of early 2026, the U.S. Treasury market is up more than $1 billion despite concerns about macroeconomic uncertainty and the U.S. government's growing national debt.
Tokenized US Treasurys are government debt instruments that are real-world assets (RWAs) represented by tokens on the onchain.
According to data from RWA.xyz, the market capitalization of tokenized Treasurys rose to more than $10.8 billion from $8.9 billion on January 1.
In March 2024, with the help of asset manager BlackRock, the US Dollar Institute Digital Liquidity Fund (BUIDL), data from Token Terminal indicated that the US Treasury market had risen by 50x since 2024.
Tokenized US Treasurys continue to rise despite the broader crypto market crash that began in October 2025, rising US government debt levels and investor uncertainty about the macroeconomic outlook in 2026.
Related: Tokenized RWAs rise 13.5% despite $1T crypto market decline.
The Depository Trust and Clearing Corporation is about to launch a US Treasury tokenization service.
The Depository Trust and Clearing Corporation (DTCC), which provides clearing and settlement services for global financial markets, has announced plans to launch an asset tokenization service starting with US Treasuries in December 2025.
CEO Frank La Sala said DTCC will eventually expand its service to a “broad spectrum” of properties.
“Following the tokenization of US Treasuries on the Canton network, DTCC expects exchange-traded funds (ETFs) and stocks to follow shortly,” La Sala said.
DTCC is the world's largest clearing house, with a turnover of $3.7 quadrillion by 2024, the company said.
Due to the deep liquidity of the US Treasury market, US Treasuries are considered the backbone of global and corporate finance.
Corporations and institutional investors use short-term Treasurys, a proxy for physical money with maturities of one year or less.
A rise in U.S. Treasuries and other U.S. government debt could bring an influx of revenue to blockchain networks where tokenized assets are held, the technology's proponents say.
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