Six products control more than half of tokenized Treasury value.


BUIDL. BENJI. OUSG. USDY. WTGXX. mUSD.
Looks a lot like DeFi market structure in 2020.
Uniswap, Curve, Balancer, and SushiSwap had the same grip on liquidity.
Then fragmentation arrived.
New entrants undercut fees, expanded collateral types, and captured demand incumbents weren’t serving.
WisdomTree just received SEC approval for 24/7 secondary market trading with USDC settlement.
That’s the wedge.
Not another tokenized Treasury product.
A liquidity mechanism the largest funds don’t have yet.
Watch whether WTGXX pulls allocators that existing fund structures don’t serve.
Concentration always looks permanent until a new access model emerges.
This time, the unlock looks more like market infrastructure than yield competition.
BENJI-0.69%
USDY0.02%
UNI0.79%
CRV-0.17%
BAL2.86%
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