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Tokenized Treasuries hit a record $15.35 billion on May 13 as Fed rate-hike fears drove investors toward on-chain yield.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n Tokenized Treasuries reached $15.35 billion in total value locked on May 13, surpassing<\/a> the previous mid-April peak of $15.10 billion, according to rwa.xyz data. <\/p>\n The push came as markets began pricing in a higher probability of a Federal Reserve interest-rate increase, a sharp reversal from the rate-cut expectations that dominated earlier in 2026.<\/p>\n \u201cThe June cut just got significantly harder to defend, and the allocator positioning we flagged, capital sat in BlackRock\u2019s BUIDL and tokenized T-bills rather than spot crypto, is going to look prescient by Friday,\u201d Iggy Ioppe, co-founder of Polygon Ventures, said in an email. <\/p>\n April\u2019s US CPI came in at 3.8% annualised, accelerating from 3.3% in March and raising the stakes around the PPI report due May 14.<\/p>\n Rising real interest rates make yield-bearing on-chain instruments structurally more attractive than spot cryptocurrency. Tokenized Treasuries currently offer a seven-day average yield of around 3.41%, a return that is easily legible to institutional allocators trained on money market fund mechanics.<\/p>\n Circle\u2019s USYC now leads the sector with approximately $2.9 billion in assets, having overtaken BlackRock\u2019s BUIDL<\/a> in mid-March 2026. BUIDL remains the second-largest product at roughly $2.58 billion. Fidelity\u2019s FDIT, Franklin Templeton\u2019s BENJI, and Ondo\u2019s OUSG round out the top five.<\/p>\n <\/p>\n The broader tokenized real-world asset market has crossed $30.9 billion, up 44% year to date and more than 200% year over year, with tokenized Treasuries accounting for roughly half the total. The growth from $3.9 billion in early 2025 to $15 billion in 16 months reflects a structural shift in how institutions are deploying capital on-chain.<\/p>\n Bitcoin held above $80,000 as of May 13 but faced difficulty breaking higher, with the 200-day moving average overhead and miner balance-sheet pressures adding potential selling on rallies. <\/p>\n WTI crude oil bounced back above $100 while copper approached record highs, both signalling commodity-led inflation that could sustain elevated rates and continued demand for tokenized yield products.<\/p>\n Flows into tokenized Treasuries<\/a> could accelerate further if the PPI print confirms pipeline inflationary pressure. <\/p>\n\n\n
Why tokenized Treasuries are drawing capital away from spot crypto<\/h2>\n
What comes next as macro risk builds<\/h3>\n