Tokenized Treasuries Explained: Wall Street Goes On-Chain (2026)

US government debt as blockchain tokens went from curiosity to a ~$15B market led by BlackRock, Franklin Templeton and Ondo. What tokenized… Aliteq Sam Okafor · Web3 & Chains Editor

A tokenized Treasury is a blockchain token representing a share of a fund that holds US government debt — you get on-chain exposure to Treasury yield.

The market is ~$15B and led by giants: BlackRock's BUIDL (with Securitize) crossed ~$5B; Franklin Templeton (BENJI) and Ondo Finance (OUSG, USDY) round out the top three, together over half the…

Why institutions want it: near-instant settlement, 24/7 movement, programmability, and on-chain yield with a familiar, credible issuer behind it.

It's the fastest-growing real-world-asset category — the 'boring institutional' use case that's outpacing flashier tokenization pitches.

Mostly not a retail product (yet): many are gated to qualified/institutional investors, and 'tokenized' doesn't remove the underlying legal and custody questions.

Tokenized doesn't mean risk-free or friction-free. Many of these products are gated to qualified or institutional investors, so they're not a retail on-ramp. The underlying questions of tokenization…

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