On April 23, CoinWorld reported that, according to Cryptopolitan, Token Terminal data shows that the total on-chain locked value of tokenized U.S. Treasury bonds has surpassed $14 billion, reaching an all-time high. Franklin Templeton’s Benji Fund has seen its on-chain assets grow by more than 381% over the past month, becoming the fastest-growing tokenized debt issuer. Tokenized Treasury bonds are mainly issued on Ethereum, with significant growth also seen on BNB and Solana. There are currently about 33,900 wallets holding tokenized Treasury bonds, nearing the historical peak. Holders are primarily DeFi teams and protocols, which use tokenized Treasury bonds as collateral for lending protocols such as Morpho, Sky, and Flux. Based on an annualized yield of 3.68%, the $14 billion locked value could generate approximately $515 million in annual revenue.