Tokenized treasuries are becoming one of the most important structural shifts in crypto infrastructure.

The category has already expanded from under $1B in early 2024 to roughly $13B–15B in tokenized US Treasury exposure today.
That move is not driven by speculation. It’s driven by demand for yield-bearing collateral that can move freely across onchain systems.
@OndoFinance is one of the clearest examples of this transition.
USDY and OUSG turn short-term Treasuries into transferable onchain assets that continuously accrue yield.
➤ $2.5B–3.7B+ TVL range across products
➤ strong USDY circulation across DeFi integrations
➤ rapid expansion into tokenized equities (approaching $1B scale)
➤ deployment across Ethereum, Solana, and XRPL ecosystems
What changes here is not just access to yield, but what Treasuries become once they are programmable.
They stop being static holdings and start behaving like collateral that can move across lending markets, settlement layers, and structured products at the same time.
That shift increases collateral velocity across the entire system.
Other protocols are building different layers of the same transition.
@pendle_fi
➤ ~$1.4B TVL
➤ splits yield into tradable components
➤ creates fixed vs variable rate markets
➤ brings interest-rate mechanics onchain
@maplefinance
➤ $2B+ in lending activity
➤ institutional credit infrastructure
➤ onchain private debt markets with real borrowers
➤ yield backed by credit demand, not emissions
@fraxfinance
➤ treasury-backed stablecoin system
➤ protocol-controlled liquidity and reserves
➤ vertically integrated monetary design
➤ RWAs embedded into stablecoin structure
They are not competing on the same surface area.
Each one is operating at a different layer of capital structure collateral, credit, yield, and liquidity coordination.
As real-world assets continue entering crypto, the competition shifts away from token mechanics toward something more fundamental:
the quality of financial architecture underneath the liquidity.
✍️ Conclusion:
Tokenized treasuries and RWAs are becoming core financial infrastructure, not experimental assets.