Tokenized fund holdings climb to $11.39 per $100 in stablecoins
The value of tokenized funds relative to stablecoins has grown from $2.99 to $11.39 for every $100 over two years. Circle’s USYC, BlackRock’s BUIDL, and Ondo’s USDY are among the largest products, while total tokenized Treasury and money market fund assets are estimated at $15 billion to $33 billion. Unlike stablecoins, these funds distribute short-term Treasury yields to holders, and regulation is shaping their expansion.
Over two years, the ratio moved from $2.99 to $11.39 per $100 held in stablecoins. The stablecoin sector remains around $300 billion, mostly USDT and USDC, while tokenized real-world assets represent roughly 10% to 17% of that base depending on methodology.
Leading products include Circle’s USYC, BlackRock’s BUIDL, and Ondo’s USDY, each in the low billions. Aggregate tokenized Treasury and money-market assets are estimated at $15 billion to $33 billion. Peak monthly growth has reached 8% to 10%. Unlike stablecoins, these vehicles pass short-term Treasury income to holders.
Tokenized funds may give crypto holders access to Treasury yields, potentially shifting some idle stablecoin balances toward yield-bearing products. This could affect stablecoin issuers’ revenue models, institutional treasurers, and retail users seeking returns, while compliance and transfer limits may keep access uneven. Broader financial markets might see gradual blending of blockchain-based cash tools with traditional money-market products, though adoption depends on regulation and liquidity.