Tokenized US T-bills reach all-time high market cap of $15B

Tokenized US Treasury products have crossed $15 billion in on-chain market cap for the first time, a milestone reached in May 2026. The number represents a tripling from roughly $5 billion just 14 months prior. Who’s winning the tokenized Treasury race Circle’s USYC token sits at the top of the leaderboard with approximately $3.0 billion in value. BlackRock’s BUIDL fund follows at around $2.67 billion. Franklin Templeton’s BENJI and iBENJI suite collectively accounts for about $2.45 billion. Ondo’s USDY rounds out the major players at roughly $2.15 billion in value. Together, the five largest products represent approximately 71% of the total market near the $15 billion mark. As of August 3, 2026, data from rwa.xyz shows the sector has reached $16.16 billion distributed across 85 separate assets with around 62,948 holders. That’s a 4% increase within the prior month alone. Why traditional finance is going on-chain Tokenized Treasuries offer the same yields that institutional investors have always valued, currently hovering around 3% APY, but with the settlement speed and composability of blockchain rails. Instead of waiting days for a Treasury trade to settle through traditional cle...