The US tokenized Treasury bond market grew by 20% despite the crypto bear market
The market for tokenized U.S. Treasury bonds continued to grow despite the ongoing crypto bear market. Another major milestone will be the entry of the Depository Trust & Clearing Corporation (DTCC), the world’s largest clearing house.
Major players drive exponential growth
According to Token Terminal, the market for tokenized U.S. Treasuries has grown 50-fold since 2024, fueled by the March 2024 launch of BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), whose market capitalization now exceeds $1.2 billion.
During the crypto bear market that began last fall, tokenized U.S. Treasuries continued expanding. Data from RWA.xyz shows that since the beginning of 2026, the market capitalization of this segment has increased by more than 20%, reaching $10.8 billion.
The tokenized US Treasury market has grown to over $10.8 billion. Source: RWA.xyz, Cointelegraph
Although this figure remains small compared to the overall U.S. Treasury market, which exceeds $30 trillion, another significant boost is expected as DTCC enters the tokenization space.
The corporation, which provides clearing and settlement services for global financial markets, announced in December 2025 its plans to launch an asset tokenization service, starting with U.S. Treasuries — the backbone of global and corporate finance.
DTCC is the world’s largest clearing house and, according to the company, processed $3.7 quadrillion in transactions in 2024.
CEO Frank La Salla stated that DTCC will eventually expand the service to include a “broad range” of assets.
“Following the tokenization of U.S. Treasuries on the Canton Network, DTCC expects ETFs and equities to follow shortly thereafter,” La Salla recently said.
Bonds lead the blockchain transition
DTCC’s entry into the tokenized Treasury market could significantly increase capital flows on-chain.
Tokenization of Treasuries may benefit not only institutional traders but also retail investors, who will be able to invest smaller amounts in fractional bond shares, gaining access outside traditional banking infrastructure with 24/7 trading capabilities.
Tokenized bonds can also be used as collateral in DeFi lending, transferred quickly between market participants, and managed through fully automated accounting systems.
As blockchain technology continues to evolve and converge with traditional finance, tokenized U.S. government debt could become an “anchor” asset for the crypto ecosystem.
As we wrote, DTCC treasury tokenization fuels surge in Canton Coin price
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