Base leads all chains in tokenized US Treasury market cap growth with $636K daily gain
Base, the Ethereum layer-2 network developed by Coinbase, recently recorded the largest single-day increase in tokenized US Treasury market cap among all tracked blockchains. The network added $636,000 in government debt holdings, bringing its total Treasury-related RWA value locked to approximately $37.95 million. This growth is primarily driven by Spiko, an issuer of tokenized short-duration government debt that utilizes Base as a key distribution rail. While the broader tokenized Treasury market has tripled since early 2025 to reach between $13.6 billion and $16.2 billion, Base remains a smaller player compared to Ethereum mainnet and BNB Chain. This trend highlights a shift where institutional capital is increasingly exploring layer-2 solutions for yield-bearing assets to avoid the higher costs of mainnet transactions. By hosting these assets, Base strengthens its position as a compliant, institutional-friendly environment that attracts sticky capital beyond speculative DeFi activity. With the global short-duration T-bill market valued at $6.6 trillion, the current 0.2% tokenization penetration suggests significant room for further on-chain expansion.
- ▸Base recorded a $636,000 single-day increase in tokenized US Treasury market cap.
- ▸Total on-chain Treasury market cap reached between $13.6 billion and $16.2 billion.
- ▸Spiko serves as the primary provider of tokenized government debt on the Base network.
- ▸Tokenized Treasuries currently represent approximately 0.2% of the $6.6 trillion T-bill market.
Base is an Ethereum layer-2 scaling solution built by Coinbase using the OP Stack, designed to provide low-cost, secure, and developer-friendly access to the Ethereum ecosystem. Tokenized Treasuries are digital representations of real-world government debt instruments, allowing investors to gain exposure to sovereign yield directly on-chain. These products typically function by wrapping traditional financial assets into tokens that can be traded, held, or used as collateral within decentralized finance protocols.