At the beginning of 2025, the tokenised US Treasury market was worth less than $4 billion. Since then, it has been slowly growing.
The tokenised US Treasury market has grown more than $1 billion since the start of 2026, even though there are worries about the US government’s rising national debt and the state of the economy as a whole.
A token on the blockchain represents tokenised US Treasury (RWA), a type of real-world asset.
According to RWA.xyz, the market value of tokenised Treasury bills rose from $8.9 billion on January 1 to more than $10.8 billion at the time of writing.
According to Token Terminal, the tokenised US Treasury market has grown 50-fold since 2024. This is partly because BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) launched in March 2024 and now has a market cap of over $1.2 billion.
Even though the cryptocurrency market as a whole started to fall in October 2025, tokenised US Treasury bills kept going up. This was because of rising US government debt levels and investors not knowing what the macroeconomic picture would be in 2026.
Source: RWA.xyz.
DTCC to launch treasury tokenisation service
The Depository Trust and Clearing Corporation (DTCC) indicated in December 2025 that it would start offering an asset tokenisation service, starting with US Treasuries. DTCC clears and settles trades for financial markets all over the world.
The company will eventually add a “broad spectrum” of assets to the programme. DTCC expects ETFs and stocks to follow soon after the tokenisation of US Treasury bonds on the Canton network.
The DTCC is the biggest clearinghouse in the world. In 2024, it resolved $3.7 quadrillion in transactions, according to the corporation.
The US Treasury market is very liquid, which is why US Treasuries are considered the backbone of global and corporate finance.
Companies and institutional investors use short-term Treasuries, lasting a year or less, as a substitute for real cash.
Supporters of the technology claim that the rise of tokenised US Treasury bonds and other US government debt might bring in a lot of money for the blockchain networks where these assets are created.