Tokenized U.S. Treasury bills represent $14.8 billion, or one-third of the $44.6 billion onchain RWA market, making Treasuries the largest RWA asset class ahead of yield strategies and gold.
RWA & Tokenization ·
Tokenized U.S. Treasury bills have reached $14.8 billion in value, representing one-third of the total onchain real-world asset (RWA) market, which stands at $44.6 billion. Treasuries now rank as the largest RWA asset class, surpassing yield strategies, credit funds, and gold holdings tracked on distributed ledgers.
The dominance of tokenized Treasuries reflects growing institutional adoption of blockchain-based government debt instruments, which offer programmability and settlement efficiency compared to traditional Treasury markets. This concentration underscores how a single asset class—short-duration fixed-income products—has become the primary driver of onchain RWA adoption to date.
Outstanding questions remain around the growth trajectory of competing RWA categories, the custody and regulatory frameworks supporting these tokenized instruments, and whether this distribution will shift as additional asset classes mature on public blockchains.