Tokenized US Treasuries are increasingly becoming a foundational element in decentralized finance (DeFi), challenging the earlier reliance on purely crypto-native assets. These tokenized assets, including money-market funds, have grown significantly, reaching approximately $9 billion across 60 products and over 57,000 holder addresses. This growth indicates a shift in how DeFi sources its collateral, with real-world asset (RWA) tokenization approaching $19 billion on public chains, dominated by government securities. BlackRock's BUIDL fund and Franklin Templeton's BENJI token are examples of this trend, integrating traditional financial instruments with blockchain technology. This development connects Wall Street custody solutions with Ethereum rails, marking a move from proof-of-concept to production-ready infrastructure.

Tokenized US Treasuries are increasingly becoming a foundational element in decentralized finance (DeFi), challenging the earlier reliance on purely crypto-native assets. These tokenized assets, including money-market funds, have grown significantly, reaching approximately $9 billion across 60 products and over 57,000 holder addresses. This growth indicates a shift in how DeFi sources its collateral, with real-world asset (RWA) tokenization approaching $19 billion on public chains, dominated by government securities. BlackRock's BUIDL fund and Franklin Templeton's BENJI token are examples of this trend, integrating traditional financial instruments with blockchain technology. This development connects Wall Street custody solutions with Ethereum rails, marking a move from proof-of-concept to production-ready infrastructure.