Base leads all chains in tokenized US Treasury market cap growth with $636K daily gain

Base, the Ethereum layer-2 network built by Coinbase, posted the largest single-day increase in tokenized US Treasury market cap among all tracked blockchains, adding $636K to its on-chain government debt holdings. Small number, big signal The tokenized US Treasury market has become one of crypto’s fastest-growing verticals. Total on-chain market cap for these products now sits somewhere between $13.6B and $16.2B across public blockchains, roughly tripling since early 2025. Base’s slice of that pie remains modest. Treasury-related real-world asset (RWA) total value locked on the network is approximately $37.95M, according to DefiLlama data. The bulk of that comes from Spiko, a tokenized treasury product issuer that has made Base one of its primary distribution rails. For context, Ethereum’s mainnet and BNB Chain still dominate the tokenized Treasury landscape with billions in market cap each. The $636K daily gain put Base ahead of every other chain tracked on the reporting day, suggesting that new capital is beginning to explore layer-2 options for yield-bearing on-chain assets rather than defaulting to mainnet Ethereum. Who’s building the plumbing BlackRock’s BUIDL fund, launched ...