Tokenized U.S. Treasury products reached approximately $16 billion on July 16, 2026, accounting for nearly 46% of the $34.8 billion in distributed real-world assets.
Key Takeaways
The market is no longer being built mainly by crypto-native companies. Circle, BlackRock, Franklin Templeton, Janus Henderson and other established financial firms now operate several of its largest products, turning tokenized government debt into a competition between asset managers, fintech platforms and blockchain infrastructure providers.
The appeal extends beyond placing Treasury securities on a blockchain. These products are designed to preserve yield while capital is transferred, used as collateral or moved through institutional settlement systems.
Seth Ginns, Chief Investment Officer of Franklin Crypto, believes corporate treasurers are beginning to recognize that advantage.
In a recent Brand New Rails interview, Ginns described the potential of a “portable money market fund” that can “continue to earn interest as it’s moving.”
A conventional money market fund can preserve capital and generate income, but withdrawing money for settlement, collateral or operational spending may interrupt that yield and introduce banking cut-off times. Tokenization attempts to make the investment itself transferable within approved financial networks.
Ginns said the “product-market fit for tokenized money markets is very much here right now,” although he acknowledged that several steps remain between current demand and broad implementation.
Franklin Leads the 2026 Growth Ranking
Data from Token Terminal placed five organizations clearly ahead of the rest by year-to-date growth in tokenized U.S. Treasury assets:
Together, the five providers added roughly $5.79 billion during the period shown. Their positions also reveal two distinct ways to compete in the market.
Franklin, Circle and Ondo combine financial products with their own distribution channels and varying levels of blockchain infrastructure. Their growth is tied primarily to assets issued or distributed under their brands.
Securitize and Centrifuge operate more heavily as infrastructure providers. They supply issuance, compliance, transfer and distribution technology for products sponsored or managed by companies such as BlackRock and Janus Henderson.
Securitize’s position is closely connected to BlackRock’s BUIDL fund, while Centrifuge supports the Janus Henderson Anemoy Treasury Fund and other tokenized investment pools.
The growth ranking therefore does not compare five identical businesses. An asset manager may control the portfolio and brand, while another company operates the technology used to issue tokens, verify investors and process transfers.
Five Products Control Nearly Two-Thirds of the Market
The five largest tokenized Treasury products according to data from rwa.xyz, held approximately $10.27 billion combined, equal to 64.3% of the entire category:
Ondo U.S. Dollar Yield
$2.16B
Janus Henderson Anemoy
$880.3M
These products belong to the same broad category but use different legal and operational structures.
Circle’s USYC is designed to support conversions between a yield-bearing asset and USDC, subject to available liquidity. That structure targets trading firms and institutions that want Treasury exposure while keeping capital accessible for margin or settlement.
BlackRock’s BUIDL offers qualified investors U.S. dollar yield, daily dividend accrual and peer-to-peer transfers between approved participants. Its use in collateral arrangements shows how tokenized funds can become part of trading infrastructure rather than remaining isolated investment accounts.
Ondo’s USDY provides economic exposure to short-term U.S. Treasuries and bank deposits. Ondo specifies that the token is not itself a Treasury security and does not provide direct ownership of the underlying government debt.
Franklin’s model centers on blockchain-recorded fund shares, while the Janus Henderson product combines traditional portfolio management with tokenization infrastructure provided by Anemoy and Centrifuge.
Investor eligibility, legal ownership, redemption conditions, supported networks and collateral integrations differ across all five products. Their balances should therefore not be treated as deposits in equivalent financial instruments.
Franklin’s Position Extends Beyond One Token
In addition to iBENJI, the RWA.xyz snapshot showed approximately $734.3 million in BENJI and another $54.5 million in gBENJI. Combined, Franklin’s three listed entries accounted for roughly $2.41 billion.
The foundation is the Franklin OnChain U.S. Government Money Fund, launched in 2021. The fund invests at least 99.5% of its assets in U.S. government securities, cash and repurchase agreements fully collateralized by government securities or cash.
Each fund share is represented by one BENJI token, while Franklin’s transfer agent maintains the official ownership record through a blockchain-integrated system.
Franklin later enabled peer-to-peer transfers, allowing eligible investors to move shares between approved wallets. Its system can also distribute accrued yield through additional fund shares recorded onchain.
This gives Franklin exposure across multiple tokens, investor groups and blockchain networks rather than concentrating its activity in a single product. It also helps explain why the company led issuer growth even though Circle operated the largest individual Treasury product in the snapshot.
The Next Test Is How the Assets Are Used
Rising assets under management confirm demand for tokenized Treasury exposure, but they do not show how frequently the tokens move through corporate funding and settlement systems.
Evidence supporting Ginns’ portable-money thesis would include higher transfer volumes, broader acceptance as collateral, regular conversions into tokenized cash and repeated use within treasury operations.
Corporate adoption will also depend on practical questions that market-value charts cannot answer:
- 1
Custody: Can existing qualified custodians support the token standards? - 2
Reporting: Standards for accounting, tax, and liquidity transparency. - 3
Compliance: Permitted wallets and approved counterparty networks. - 4
Liquidity: Redemption speed and stability during market stress events. - 5
Interoperability: Cross-chain interaction without liquidity fragmentation.
Transferability remains conditional. Many tokenized fund shares can move only between verified and approved investors. Blockchain settlement does not remove securities laws, know-your-customer requirements or jurisdictional restrictions.
The products also retain the risks of the funds and infrastructure behind them. Franklin’s official disclosures state that its fund is not a bank account, is not insured by the FDIC and carries risks related to issuance, redemption, custody, transfers and blockchain-based record keeping.
A market approaching $16 billion shows that tokenized Treasuries have attracted real institutional capital. Franklin’s early advantage comes from combining asset management, transfer-agent infrastructure and distribution across several networks.
The lasting advantage will belong to the providers whose assets become easiest to transfer, redeem and use inside existing financial operations—not simply those that issue the largest number of tokens.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP.
Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem.
To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem.
His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
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