Tokenized Treasuries are getting big.
On-chain U.S. Treasury value is now $8.86B.
About a year ago, tokenized U.S. Treasuries had just crossed $4B by the end of 2024.
That is the quiet shift.
This market used to look niche. In late October 2024, Reuters pegged tokenized Treasuries at about $2.4B market cap.
Now it is nearing $9B, with 62 products and 59,023 holders, and a 3.52% recent 7-day APY snapshot as of December 29, 2025.
This is not a narrative trade.
It is collateral.
And collateral sets the price of leverage.
Where the money is pooling
The biggest treasury platforms by value today are Securitize $1.8B (20.54%), Ondo $1.5B (17.29%), Circle $1.4B (15.48%), Franklin Templeton $811.3M (9.16%), WisdomTree $739.9M (8.35%), Superstate $581.1M (6.56%).
The signal: this is getting diversified. It is not a single product carrying the whole category.
BlackRock’s cash product is multi-chain now.
BlackRock BUIDL is currently at $1.996B TVL.
That matters for traders.
It means the “cash leg” can live where the action is, not just on one chain.
Banks are tokenizing money funds, too.
On December 15, 2025, J.P. Morgan Asset Management announced MONY, its first tokenized money market fund, on public Ethereum. JPM says MONY invests in U.S. Treasury securities and repo fully collateralized by Treasuries, with daily dividend reinvestment.
Why this matters
Your idle cash can earn.
Tokenized Treasuries are showing roughly 3.5% annualized yield in recent snapshots.
So stables are not the only parking spot.
Your margin might earn too.
Some venues are starting to accept these tokens as collateral.
If that grows, holding margin costs less.
Funding gets easier to read.
If perp funding stays high, it is either crowded leverage or a clear carry.
What to track next week
Total tokenized Treasuries value. The headline is $8.86B today.
Which issuers gain share. Fast share moves often signal new distribution.
BUIDL’s chain mix. It shows where big cash prefers to sit.
If this trend keeps building, 2026 gets a new base layer.
On-chain cash. On-chain collateral. Less waiting around.
DYOR. This isn’t a call to buy or sell. Trade small, keep a stop, and protect your capital.
Bitcoin is trading just below $90,000, extending gains as short-term momentum improves. The Fear & Greed Index has climbed to 30, signaling easing pessimism, while lower volatility and decreased selling pressure suggest disciplined accumulation. Meanwhile, Ethereum reclaimed the $3,000 mark, and other altcoins, including BCH, ZEC, and HYPE, recorded gains.
Weekly price movement:
BTC $89,159 ⏬ 0.36% (1W)
ETH $3,000 ⏬ 1.22% (1W)
BCH $616 ⏫ 5.85% (1W)
ZEC $523 ⏫ 17.74% (1W)
HYPE $25.95 ⏫ 2.5% (1W)
(All data here as of 3:00 p.m., 29 December 2025)
Before we conclude, here’s a quick look at some important news from around the crypto world.
Bitcoin’s mining difficulty rose to 148.2 trillion in the final adjustment of 2025 and is expected to increase again to around 149 trillion in January 2026. With block times running slightly faster than the 10-minute target, difficulty is likely to rise further. Mining difficulty hit new all-time highs in 2025, especially during September’s price rally, increasing costs and competition for miners, according to TradingView.
Uniswap has completed a 100 million UNI token burn, worth about $596 million, following the approval of its UNIfication fee-burning proposal. The burn, executed on Dec. 28, permanently reduced UNI’s supply and ranks among the largest DeFi token burns to date. The proposal passed with 99.9% support, backed by major crypto investors and builders, according to CoinTelegraph.
That’s it for now. Thanks for sticking around.
See you later, folks! 👋