Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
GateRouter
Smartly choose from 40+ AI models, with 0% extra fees
The on-chain US debt scale today broke $15.35 billion, setting a new record high.
The previous peak was in mid-April at $15.1 billion, and at the beginning of the year, it was only $3.9 billion — a nearly fourfold increase in four months.
The top three products: BlackRock BUIDL $2.63 billion, Ondo USDY $2.14 billion, Franklin iBENJI $2.1 billion.
Driving factors: April CPI annualized at 3.8%, renewed expectations of rate hikes, on-chain T-bill annualized yield ~5%.
During the same period, BTC was at $80,611, trading sideways between $79K and $82K over three weeks, with a year-to-date decline of over 20%.
The RWA narrative has long been seen as a signal that "the crypto ecosystem has won."
But institutions are putting funds into on-chain US debt not because they are bullish on crypto — it’s because the risk-free on-chain yield exceeds the expected returns of crypto assets, so rational institutions choose the former.
The day on-chain US debt hit a record high, it wasn’t funds entering crypto, but funds borrowing through the chain to escape crypto. #Gate广场五月交易分享 $BTC