Tokenized U.S Treasuries (treasury bills) have experienced significant rises in token holders since their establishment in January 2023. According to data shared today by market analyst Token Terminal, currently 13.2k unique addresses hold tokenized U.S treasuries, an indicator revealing a rising investor participation in the RWA sector.
US Treasury bills (T-bills) are secure, short-term investment products backed by the US government, providing investors with returns after a short commitment of funds. The move to tokenize these U.S. Treasury bills on blockchain started in January 2023, pioneered by innovative blockchain market operators, including Ondo Finance and several others. The tokenization of US Treasury Bills (T-bills) – the digital representations of traditional US Treasury bills to operate on blockchain networks – has helped to expand their accessibility to global investors.
The Rise in Unique Addresses Shows Increased Demand
The number of unique addresses holding Tokenized US Treasuries has currently reached 13.22k, according to data from the analyst, an indicator of a growing number of customers investing in these financial instruments. Since the launch of tokenized US treasuries in early 2023, the number of investors has been rising, especially early this year, the number rose sharply as indicated in the data.
As of today, December 15, 2025, the number of unique on-chain US treasury holders currently stands at 13.2k, a decrease from the recent all-time high of 15.34k noted in January 2025. Based on the current figures, the number of unique addresses has grown more than 660% since January 2024, when the number of addresses stood at 2k, according to the data.
That sixfold surge has been fueled mainly by increasing investor demand for low-risk, yield-bearing financial instruments. The tokenized US treasuries are attractive as investors consider them as low-risk and provide a relatively stable return compared to other crypto assets.
The sharp increase (as illustrated in the data) started in November 2024, immediately after Americans elected Donald Trump as their current president. For several years, US financial institutions encountered substantial obstacles in adopting tokenization, mainly because of regulatory uncertainty and operational difficulties. However, since the year 2025, the Trump administration brought in friendly regulations that paved the way for the golden age of tokenization in the US and around the globe.
Lastly, the booming stablecoin market also played a significant role in people’s investment in on-chain treasury bills. Stablecoins, which are pegged to liquid assets like the US dollar and others, drive demand for tokenized US treasuries as global investors seek to hold large, liquid, and safe reserves with low-risk and stable returns.
Top Market Players
Currently, the total market value of the tokenized US Treasury market stands at $8.89 billion, according to the latest metrics sourced today from market analyst RWA.xyz. That is an increase of $3.29 billion from the $5.6 billion recorded at the end of April 2025, a surge showing rising investor demand for on-chain US treasuries.
As per data from RWA.xyz, BlackRock’s BUILD is the largest player in the tokenized treasury market, as it currently holds assets worth $2.499 billion. Ondo Finance is in the second position with $1.927 billion in assets locked. Circle USYC and Ethena USDtb secured the third and fourth positions, with $1.349 billion and $851.34 million in TVL, respectively.
