Ondo and Superstate lead weekly growth in tokenized US T-bill market
RWA Signal Insight
U.S. TreasuriesOndo Finance and Superstate have emerged as the primary drivers of growth in the tokenized U.S. Treasury market, collectively adding $75.8 million in new capital over a single week in October 2026. Ondo Finance reached a significant milestone by surpassing $3 billion in total tokenized assets, positioning it as the leading platform in the sector according to RWA.xyz. Within its portfolio, the USDY product reached approximately $2.328 billion, narrowly outpacing BlackRock’s BUIDL fund. Meanwhile, Circle’s USYC maintains the top spot for an individual fund with $2.38 billion under management. Superstate has also seen notable expansion, with its USTB product now operating under the Invesco Short Duration US Government Securities Fund brand. Despite the total tokenized Treasury market reaching up to $15.5 billion, the sector faces a critical adoption hurdle as only 0.4% to 2% of these assets are currently utilized within decentralized finance protocols. This trend highlights a disconnect between the rapid accumulation of on-chain Treasury exposure and the actual integration of these assets into broader on-chain financial utility.
Key points
- Ondo Finance surpassed $3 billion in total tokenized Treasury assets by mid-October 2026.
- Circle’s USYC leads individual funds with $2.38 billion in assets under management.
- Tokenized Treasury market valuation reached between $14.9 billion and $15.5 billion.
- DeFi utilization of tokenized Treasuries remains low, estimated between 0.4% and 2%.
Background
Tokenized U.S. Treasuries represent short-term government debt on public or private blockchains, allowing investors to gain yield exposure while benefiting from faster on-chain settlement. These products typically function as digital wrappers for traditional money market funds or Treasury ETFs, enabling 24/7 transferability of assets that were previously restricted by legacy banking hours.