Tokenized Treasuries on Ethereum Hit Record $8B Market Cap

Tokenized U.S. Treasuries on Ethereum reached a new record near $8 billion in market capitalization, according to Token Terminal. The chart showed the sector doubling over the past six months, with a sharp rise into May 2026 after a period of slower growth.

Wu Blockchain also reported the milestone, citing Token Terminal data and naming key products behind the move. Meanwhile, $ETH traded lower near $2,358.58 on Coinglass data, even as Ethereum’s real-world asset activity continued to expand.

Treasury Tokens Hit Record

Token Terminal said the market cap of tokenized U.S. Treasuries on Ethereum reached an all-time high of about $8 billion. Its chart showed steady growth from early 2023, followed by a much faster expansion from late 2024 into 2026.

The largest acceleration appeared after the market moved above the $4 billion area. The chart then showed a brief pullback before a fresh climb, with the latest move pushing the market close to the $8 billion level.

Notably, Token Terminal said the market has risen about 100% over the past six months. That pace shows a stronger demand for blockchain-based Treasury products as investors continue using tokenized funds for yield, settlement, and on-chain collateral.

Wu Blockchain said the main growth drivers include BUIDL from Securitize, JTRSY from Centrifuge, iBENJI from Franklin Templeton, WTGXX from WisdomTree, USDY from Ondo Finance, and USTB from Superstate.

Ethereum Remains RWA Base

The chart places Ethereum at the center of the tokenized Treasury expansion. These products use the network to represent fund shares or Treasury-backed exposure on-chain, while issuers manage reserves and compliance through their own structures.

Meanwhile, the latest rise also reflects wider interest in tokenized real-world assets. U.S. Treasury products remain one of the clearest RWA categories, as they connect short-term government debt exposure with blockchain settlement rails.

The shaded section on the Token Terminal chart showed a rapid recovery from around the $4 billion zone. That rebound led to a new high after the market passed earlier peaks around the $5 billion to $6 billion range.

Moreover, the growth came from several issuers instead of one product alone. That mix shows broader participation from asset managers, crypto-native platforms, and tokenization firms working around Treasury-backed instruments.

$ETH Price Slips on Market Data

CoinGlass data showed Ethereum trading at $2,358.58 at the time of writing, down 0.97% over 24 hours. $ETH futures volume stood at $58.79 billion, while spot volume reached $3.34 billion.

Market capitalization stood at $284.77 billion, with open interest at $34.54 billion. Ethereum’s circulating supply was listed at 120.68 million $ETH, matching the total supply on the displayed panel.

However, price performance showed mixed time frames. $ETH fell 2.11% over four hours and 0.97% over 24 hours, while it remained up 3.03% over seven days and 11.84% over 30 days.

Liquidation data showed $100.61 million rekt over 24 hours, split between $50.01 million in long positions and $50.61 million in shorts. The long-short panel also showed Binance $ETH/USDT accounts at 1.8003, while OKX $ETH stood at 1.49.

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