Tokenized U.S. Treasury funds added $36.1 million in market cap over the past 24 hours, with Securitize's BUIDL fund leading at $15.7 million and Franklin Templeton's iBENJI following at $14.2 million, according to on-chain data.
Superstate's USTB contributed $6.2 million during the same period. The combined inflows pushed total market cap above $15 billion, a milestone tracked by Token Terminal.
The market has doubled over the past six months. It reached $11.92 billion in March 2026, driven by sustained institutional demand for on-chain T-bill exposure.
These funds track T-bill returns and serve as compliant on-chain collateral—bridging regulated yield instruments with DeFi capital flows. Securitize, Ondo Finance, and Superstate operate the primary regulated distribution rails, with JPMorgan and Franklin Templeton's FTDA_US unit also active in the space.
Other products in the market include Centrifuge's JTRSY, WisdomTree's WTGXX and Ondo's USDY, collectively broadening the range of on-chain access points to short-duration Treasury yields.
Rising interest rates lifted T-bill yields to levels not seen in over a decade, sharpening the appeal of tokenized versions that settle on-chain and slot into DeFi collateral frameworks without requiring off-chain custody.
