Tokenized Treasuries Surge

Wall Street’s first serious blockchain products are not tokenized office towers or rare art. They are the financial equivalent of cash drawers: short-term United States Treasury funds that keep a stable $1 share price and throw off a few percent in yield. (securitize.io) (blackrock.com) BlackRock’s BlackRock USD Institutional Digital Liquidity Fund, known as BUIDL, now shows about $2.37 billion in total asset value on RWA.xyz, with a 7-day annual percentage yield of 3.47% and 101 holders. That makes it one of the biggest proof points that large investors will move onchain when the asset looks familiar and the cash flow is boring. (rwa.xyz) Goldman Sachs took a slightly different route in July 2025. It teamed up with Bank of New York Mellon so clients could subscribe to select money market funds through BNY’s LiquidityDirect platform while Goldman’s GS DAP system creates blockchain-based mirror tokens that represent those fund shares. (goldmansachs.com) That detail matters because Goldman is not pitching a new coin to retail traders. It is using tokens as upgraded plumbing for an old institutional product, with BNY still keeping the official books and records while the token layer is meant to improve collateral use and transferability. (goldmansachs.com) Ondo Finance sits in the middle of this shift by packaging Treasury exposure into tokens that move around the clock. Its OUSG fund shows about $666 million in total value, a 3.44% annual percentage yield, instant minting and redemption with United States dollar coin, and a portfolio that includes BlackRock’s BUIDL alongside Franklin Templeton, Fidelity, WisdomTree, and Figure products. (ondo.finance) So the stack is starting to look layered instead of experimental. BlackRock supplies the underlying fund, Goldman builds token rails for money funds, and Ondo turns Treasury exposure into something that can sit in a crypto wallet and still be used as collateral. (goldmansachs.com) (ondo.finance) The distribution side is widening too. On April 8, 2026, MEXC listed four new Ondo tokenized pairs — ETNON for Eaton, EEMON for the iShares MSCI Emerging Markets exchange-traded fund, EFAON for the iShares MSCI EAFE exchange-traded fund, and INDAON for the iShares MSCI India exchange-traded fund — with deposits and withdrawals opening on April 9. (mexc.com) Those listings are not Treasury funds, but they show the same pattern: tokenization is moving from private demos into exchange shelves where users can actually trade the wrappers. MEXC says the Ondo-issued tokens are freely transferable, usable in decentralized finance, and available around the clock rather than only during stock-market hours. (mexc.com) (docs.ondo.finance) Ondo’s own documents say Ondo Global Markets is designed to give investors outside the United States exposure to thousands of publicly traded stocks and exchange-traded funds onchain. That is a much bigger ambition than a single pilot fund, and it helps explain why exchanges keep adding new tokenized pairs one batch at a time. (docs.ondo.finance) The reason Treasuries are leading this race is simple: a three-month government bill is easier to tokenize than a shopping mall. The price is easier to verify, the yield is easier to calculate, the settlement rules are already familiar to institutions, and the token can start life as a cash-management tool before anyone asks it to become a full trading market. (blackrock.com) (goldmansachs.com) That is why this corner of crypto suddenly looks crowded with incumbents. The first bridge between traditional finance and blockchains is not a moonshot asset class; it is the most conservative product on the balance sheet, rebuilt so it can move 24 hours a day on digital rails. (securitize.io) (ondo.finance)