Tokenized US Treasury Market Leaders - October 2024 Update
Tokenized US Treasury Market Leaders - October 2024 Update
📊 Treasury Tokens: New King Crowned
The tokenized US Treasury market continues to show significant growth, with total market capitalization now exceeding $2.2B. Current market leaders by Total Value Locked (TVL):
- Ondo Finance: $650M
- Securitize: $534M
- Franklin Templeton: $410M
These three providers collectively represent over 70% of the tokenized US Treasury market. The sector demonstrates increasing institutional adoption of blockchain-based Treasury products.
Key products include yield-bearing tokens backed by US Treasury Bills and their yields.
What are tokenized US Treasuries? They are onchain tokens representing US Treasuries and their associated yields. Why are they popular? Because they combine the liquidity and stability of one of the world's most foundational assets with the advantages of blockchain technology.
"Investor protection is front and center of everything that we do here at Ondo." - Mark Janoff, General Counsel at Ondo Finance. In the latest installment of our Bridging the Gap series, Mark highlighted the key ways that Ondo Finance prioritizes investor protection. Here are
We’re excited to announce that Mark Janoff has joined @OndoFinance as our new General Counsel! 📢 Ondo has developed a robust reputation for its institutional-grade products, with investor protection, safety, transparency, and legal frameworks at the forefront. As adoption of
You’ve likely seen @BCG's forecast projecting $16T in tokenized financial assets by 2030. But did you know that Ondo Finance is actively shaping this future through Ondo Global Markets? Ondo Global Markets will empower onchain investors and developers with seamless, native
Did you know that 5 of the top 10 countries with the highest crypto transaction volumes in 2023 are from emerging markets? 🌍 While the US leads globally in total USD value transacted via crypto, emerging markets represent a significant share of the market. According to
📢 @BiLira_Kripto, one of Turkey's largest exchanges, has added Ondo’s $USDY, the marketing-leading yieldcoin, as its first supported US Treasury-backed token. 🇹🇷 This marks the first time USDY is available on a Turkish exchange, representing a significant milestone in expanding
📢 @BiLira_Kripto, one of Turkey's largest exchanges, has added Ondo’s $USDY, the marketing-leading yieldcoin, as its first supported US Treasury-backed token. 🇹🇷 This marks the first time USDY is available on a Turkish exchange, representing a significant milestone in expanding
$USDY is now integrated with over 70 DeFi and CeFi projects—a significant milestone for our flagship yieldcoin. 🧩 Why is this important? Because additional utility is what sets tokenized assets apart from traditional ones, and USDY excels in this area. With one of the largest
💧 @SuiNetwork is now the 2nd largest non-EVM DeFi ecosystem, and @navi_protocol is key to this growth, holding ~40% of Sui’s $1B in TVL. NAVI is built on innovative DeFi rails, making the innovation of yieldcoins a natural fit. So what can you do on NAVI with tokenized RWAs?
Research from Visa, Brevan Howard and Castle Island shows that USD-denominated stablecoins dominate the market, holding over 99% share. 🪙 This highlights global demand for the USD as a store of value and validates USD-denominated stablecoins as the first onchain products to
"Digital representations of tokenized Treasuries have experienced explosive growth in 2024, growing from $769M at the start of the year to over $2.2B in September." - @BinanceResearch This growth highlights the maturation of the digital asset space. Sophisticated institutions
"Tokenization will revolutionize the way we fund, trade, and manage assets... We conservatively estimate that the total market value of tokenized assets will significantly exceed $10T by 2030.” — @RolandBerger Roland Berger projects that real estate and financial
$USDY is LIVE on @NAVI_Protocol! 💧 With over $1B in TVL, @SuiNetwork is quickly becoming a major hub for DeFi, and it starts with NAVI. The largest protocol on Sui by TVL now supports Ondo’s market-leading yieldcoin, USDY. ⚠ NOTE: USDY is not, and may not be, offered, sold,
📢 NEW: Ondo's $USDY has surpassed @FTI_DA's FOBXX to become the second-largest tokenized US Treasury asset by TVL, now exceeding $439M. Next up, @BlackRock.
The total market capitalization of tokenized US Treasuries has exceeded $2.2B as of October 1. 📈 Who are the top three providers by TVL? • Ondo Finance at $649M • BlackRock / Securitize at $523M • Franklin Templeton at $435M Together, we represent 71% of the tokenized US
SEC Commissioner Peirce Discusses Building-Friendly Crypto Regulation
**SEC Commissioner Hester Peirce emphasized making the U.S. the most friendly jurisdiction for builders** during a conversation with Ondo Finance General Counsel Mark Janoff at the CoinDesk Policy & Regulation Forum. The discussion focused on: - How regulators can better support digital asset innovation - Building frameworks for tokenized finance - Creating regulatory clarity for the industry **Key takeaway**: Peirce's comments signal continued regulatory openness toward tokenization and digital assets, aligning with broader SEC efforts under Chairman Paul Atkins to modernize financial regulations. Ondo Finance continues contributing to policy discussions that will shape tokenized finance infrastructure for decades ahead.
Ondo Finance Appoints Former SEC and Treasury Official as Head of Global Regulatory Affairs
**Ondo Finance** has appointed **Peter Curley** as Head of Global Regulatory Affairs, bringing decades of policy experience from major institutions. **Key Background:** - Former roles at Coinbase, SEC, U.S. Department of Treasury - Experience at Hong Kong Exchanges & Clearing Ltd - Extensive financial policy expertise **Strategic Significance:** - Reinforces Ondo's commitment to regulatory leadership - Positions company for thoughtful policymaker engagement - Supports growth as tokenization transforms capital markets This appointment comes as real-world asset tokenization gains momentum and regulatory clarity becomes increasingly important for institutional adoption. [Read full details](https://blog.ondo.finance/ondo-finance-appoints-peter-curley-former-sec-treasury-and-coinbase-policy-leader-as-head-of-global-regulatory-affairs/)
Ondo Global Markets Reaches $100M+ TVL Milestone
**Ondo Global Markets** has achieved a significant milestone, reaching over **$100 million in total value locked (TVL)** within just one week. The platform has now become the **largest platform for tokenized stocks and ETFs**, marking a major achievement in the tokenized securities space. This rapid growth demonstrates increasing institutional and retail adoption of tokenized traditional financial instruments on blockchain infrastructure. The milestone represents substantial progress from Ondo's previous achievements in the tokenized asset management sector.
Fidelity Launches Tokenized Fund with Ondo as Anchor Investor
**Fidelity enters tokenization** with its new Digital Interest Token (FDIT), marking another institutional milestone in bringing traditional finance onchain. **Ondo Finance's OUSG serves as the sole anchor and largest investor** in Fidelity's tokenized fund. This partnership adds to OUSG's diversified portfolio of major asset managers. **OUSG has grown significantly** since its January 2023 launch: - Over $730M in total value locked - 24/7 instant subscriptions and redemptions - Multi-chain support across Ethereum, Solana, Ripple, and Polygon - Daily interest accruals with low fees **Portfolio now includes funds from leading institutions:** - BlackRock's BUIDL - Fidelity's FDIT - Franklin Templeton's BENJI - WisdomTree's WTGXX - Wellington Management and FundBridge Capital's ULTRA This expansion demonstrates growing collaboration between traditional finance and DeFi, with Ondo positioned as a central connector in the tokenized Treasury space. [Read the full blog post](https://blog.ondo.finance/fidelity-unveils-onchain-money-market-fund-anchored-by-ondo-finance/)
WisdomTree Joins Global Markets Alliance for Tokenized Assets
**WisdomTree**, a global asset manager with **$131B in assets under management**, has joined the Global Markets Alliance. The firm specializes in: - Digital innovation in finance - Tokenized assets - Blockchain-based investment solutions WisdomTree now joins a **growing coalition** that includes: - Exchanges - Wallets - Custodians - Infrastructure providers - Asset managers The alliance focuses on **aligning standards** for bringing tokenized stocks and funds onchain. This partnership advances the organization's mission to make global markets more **open, programmable, and accessible**. The move represents another significant step in the institutional adoption of tokenized financial products.