Overview
- The on-chain market for U.S. Treasuries set a new high of $15.35 billion in value locked, topping the mid-April peak of $15.10 billion, according to rwa.xyz.
- The move followed April inflation of 3.8% that raised the chance of a Federal Reserve rate hike and drew cash out of spot crypto and into yield products.
- Tokenized Treasuries offered a seven-day average yield near 3.41%, a level that is easy for institutions to compare with money market funds.
- Circle’s USYC led with about $2.9 billion, with BlackRock’s BUIDL near $2.58 billion and Fidelity, Franklin Templeton, and Ondo rounding out the top products.
- BlackRock asked the OCC to treat tokenized Treasuries like traditional bonds for stablecoin reserves, a change that could boost demand as traders watch the next inflation report.