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XRP The value of tokenized U.S. Treasuries soared nearly 2.5 times in a year. On July 20, 2025, the value of tokenized U.S. Treasury bonds was US$6.51 billion, soaring to US$15.92 billion within a year. 
Tokenizing U.S. Treasury bonds
Simply put, tokenization is the process of converting real-world assets (RWAs)-such as real estate, stocks, or government bonds-into digital tokens on the blockchain. Each token represents full or partial ownership of the underlying asset, allowing investors to gain exposure to hot assets with the efficiency of digital assets.
Ethereum tops the list
According to data, as of July 19, tokenized U.S. Treasury bonds, including treasury bills, notes, bonds and money market funds dominated by treasury bonds, have a total value of US$15.92 billion.
Circle's USYC: US$2.95 billion
BlackRock's USD Institutional Liquidity Fund: US$2.61 billion
Ondo U.S. Dollar Yield: US$2.16 billion
Franklin iBENJI OnChain Institutional Liquidity Fund: US$1.63 billion
Ethereum (ETH) ranks first among the blockchain networks, which has US$7.1 billion worth of tokenized U.S. Treasury bonds.
BNB Chain (US$4.6 billion) ranked second in value, but with a wide gap, followed by Stellar (US$1.2 billion), Solana (US$996.9 million), Avalanche C-Chain (US$947 million), XRP Ledger (US$292.6 million) and other blockchain networks.
The value of tokenized U.S. Treasuries soared nearly 2.5 times, demonstrating the financial industry's rapid adoption of technology to provide high-quality products to retail traders in a round-the-clock, fragmented, and affordable way. In this way, retail traders can earn stable on-chain returns by holding tokenized U.S. Treasuries and easily provide liquidity to the market.
