Do Tokenized Treasuries Really Broaden Investor Access?

A study published in the Borsa Istanbul Review by Guizhou Wang analyzes 65 tokenized Treasury products, representing approximately $12.8 billion in assets as of March 30, 2026. The research highlights a critical disconnect between the technical capability of blockchain to enable fractional ownership and the commercial reality of high minimum investment thresholds and restrictive eligibility. By examining 31 platforms across 16 jurisdictions, the study reveals that many products exhibit narrow address distribution, with a median of only 19 holding addresses per product. The findings emphasize that high management fees and large entry requirements often limit the democratization of these assets, despite their on-chain presence. Furthermore, the report notes that tokenized products often yield less than the effective federal funds rate, suggesting that value must be derived from utility, such as collateral movement, rather than just yield. The analysis underscores that institutional partnerships, like Franklin Templeton’s integration with MoonPay, are essential for building the distribution pathways necessary for broader adoption. Ultimately, the research argues that the industry must move beyond measuring assets under management to tracking unique beneficial investors to truly assess the impact of tokenization.