Tokenized U.S. Treasury on-chain value surpasses $14 billion, reaching a record high

According to Cryptopolitan, Token Terminal data shows that the total value locked (TVL) of on-chain tokenized US Treasury bonds has reached $14 billion, marking a new all-time high. Benji Fund, under Franklin Templeton, saw its on-chain assets increase by over 381% month-on-month, making it the fastest-growing tokenized debt issuer. Tokenized US Treasury bonds are mainly issued on Ethereum, while BNB and Solana have also seen significant growth. Currently, about 33,900 wallets hold tokenized Treasury bonds, with most holders being DeFi teams and protocols, using them as collateral for lending protocols such as Morpho, Sky, and Flux. Based on an annualized yield of 3.68%, the yearly earnings from the TVL are estimated at around $515 million.