Token Terminal data shows that Ethereum currently holds approximately 56% of the market share in the tokenized U.S. Treasury (Tokenized Treasuries) sector, corresponding to a scale of about $7.5 billion; BNB Chain ranks second, with about 26%. The overall tokenized U.S. Treasury market size has now reached approximately $13.4 billion, growing over 5,800 times in the past five years. On the issuer side, Circle, Securitize, Franklin Templeton, and Ondo Finance are leading. Among them, Circle's USYC has a scale of about $3 billion, making it the largest tokenized U.S. Treasury product currently.

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