US Treasurys Lead Tokenization Wave as CoinShares Predicts 2026 Growth

Why It Matters

The rapid expansion of tokenized Treasurys and credit assets signals mainstream finance’s migration to blockchain, offering higher efficiency and new yield opportunities for institutional investors.

Key Takeaways

• Tokenized US Treasurys hit $8.68 billion in 2025.
• Overall tokenized RWAs grew 229% to $18.1 billion.
• Ethereum hosts over $4.9 billion of tokenized Treasurys.
• Private credit tokenization nearly doubled to $18.58 billion.
• Investors favor tokenized Treasurys over stablecoins for yield.

Pulse Analysis

The tokenization of real‑world assets accelerated dramatically in 2025, with CoinShares reporting a 229 percent jump to $18.1 billion in on‑chain capital. The surge was anchored by US Treasury tokens, which more than doubled to $8.68 billion, reflecting investors’ appetite for dollar‑denominated yield without the friction of traditional custodial channels. Private‑credit products followed a similar trajectory, nearly reaching $19 billion. This momentum signals that digital‑asset structures are no longer experimental curiosities but are becoming a mainstream conduit for fixed‑income exposure.

Ethereum continues to dominate the infrastructure layer, hosting roughly $4.9 billion of Treasury tokens and outpacing alternative chains in market‑cap terms. The network’s mature smart‑contract ecosystem enables near‑instant settlement, programmable distribution, and transparent audit trails, qualities that regulators are beginning to recognize as credible. By moving issuance and settlement onto the blockchain, issuers cut operational costs and reduce settlement risk, while investors benefit from greater liquidity and real‑time price discovery. This convergence of technical robustness and regulatory openness is turning blockchain from a speculative platform into a viable financial backbone.

Looking ahead to 2026, CoinShares expects US government‑debt‑backed tokens to drive the next wave of growth, as global demand for safe‑haven dollar yield persists. However, the market remains fragmented, with multiple layer‑1 protocols and specialized settlement systems vying for dominance. The eventual consolidation of liquidity will likely favor networks that combine scalability, low transaction fees, and strong compliance tooling. For traditional financial institutions, the trend offers a pathway to digitize legacy portfolios, improve capital efficiency, and tap into a rapidly expanding on‑chain investor base.