Treasuries and yield funds – Is this the next phase of tokenization?

Tokenized finance is one of crypto’s most serious growth stories today. However, is this just another trend or the foundation of something new?

AMBCrypto previously reported that S&P Dow Jones Indices moved its iBoxx U.S. Treasuries Index on-chain via the Canton [CC] Network, one of the clearest steps forward. The move came as tokenized U.S Treasuries crossed $12.6 billion.

BNB Chain’s tokenized asset market cap at a record $16.6B

BNB Chain’s tokenized asset market has expanded over the past year, reaching an all-time high of about $16.6 billion! According to Token Terminal, that is more than 2x higher YoY, up from roughly $4 billion to $5 billion in early 2024.

Growth sped through 2025, with the market cap first pushing past $10 billion and then moving above $15 billion. Tether [USDT] still makes up the largest share of the stack, but a broader base is forming across names like USD Coin [USDC] and WLFi’s USD1.

Growth is spread beyond the top 2

At press time, Tether still led issuance by a wide margin at $186.5 billion, while Circle followed at $80.0 billion. However, the faster growth is happening lower down the table.

Over the last 30 days, Ondo Finance has expanded by 36.1% to $3 billion. Similarly, Maple Finance climbed by 25.4% to $2.8 billion and Centrifuge added 24.7% to reach $1.6 billion. Securitize also grew 14.2% to $2.7 billion.

On the contrary, Tether’s growth was nearly flat at -0.1%.

Tokenized funds reach $31.9B as yield products take the lead

The tokenized funds market was at $31.9 billion at press time. Growth has been led by yield-oriented products, rather than plain cash proxies alone.

sUSDS was the largest fund at $6.1 billion, followed by sUSDe at $3.5 billion, USYC at $2.7 billion, and BUIDL at $2.4 billion. The next layer also appeared to be meaningful – syrupUSDC is at $1.8 billion, JTRSY at $1.2 billion, and PAPLO at $1.1 billion.

It’s not just stablecoins anymore. Income-bearing on-chain products are scaling fast!

Final Summary

• BNB Chain’s tokenized asset market cap has reached a record $16.6 billion – 2x YoY!
• Tokenized funds climbed to $31.9 billion, with yield-bearing on-chain products in the lead.