Million

April

Liquid

Rise

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<ul>
 <li style="font-weight: 400;">In 2025, on-chain U.S. Treasuries have moved beyond RWA experimentation and evolved into a new interest-rate infrastructure for the global capital system, enabling any market participant to access the U.S. Treasury yield curve with minimal friction. </li>
</ul>
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<ul>
 <li style="font-weight: 400;">Products such as BUIDL and Superstate are reshaping the liquidity profile of Treasuries through tokenized shares, programmable yield, and compliant architectures, becoming the core vehicles for on-chain money market funds.</li>
</ul>
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<ul>
 <li style="font-weight: 400;">As on-chain Treasuries are increasingly adopted by stablecoin issuers, DeFi protocols, and cross-border enterprises, the risk-free rate is appearing on-chain for the first time—fundamentally transforming how global funding costs are determined.</li>
</ul>
On-chain U.S. Treasuries are digitizing, making programmable, and globalizing the world’s primary interest-rate anchor. In doing so, they transform Treasuries from a central asset of traditional finance into the foundational rate engine that powers on-chain funding costs and the broader digital-dollar system.
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<h2 id="span-style-font-weight-400-on-chain-treasuries-not-just-rwa-but-a-reconstruction-of-global-funding-price-infrastructure-span">On-Chain Treasuries: Not Just RWA, but a Reconstruction of Global Funding-Price Infrastructure</h2>
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As 2025 entered mid-year, so-called “on-chain Treasuries” (tokenized U.S. Treasuries) were no longer a peripheral experiment in the crypto market, but an asset form jointly accepted by institutional capital and on-chain financial infrastructure. According to an August 2025 report from Yahoo Finance, the AUM of tokenized Treasuries surpassed $7.45 billion, reaching a historical high. This indicates that the tokenization of Treasury-type assets is entering mainstream capital markets at a pace far exceeding expectations, gradually becoming one of the most certain foundational assets of the on-chain dollar system.
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In the traditional financial system, the U.S. Treasury market—being the core of global capital flows and dollar liquidity—relies on banks, brokers, custodians, and repo markets for transmitting its yields and liquidity through multiple layers of intermediaries. These processes involve geographical restrictions, time-zone constraints, and operational friction. On-chain Treasuries, however, remove all such structural frictions through smart contracts and blockchain infrastructure, enabling any market participant with blockchain access to bypass traditional intermediaries—regardless of location or time—and obtain Treasury-equivalent yield and liquidity.
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Therefore, on-chain Treasuries are not just another RWA asset, but a new foundational source of interest rates within the global funding-pricing system. They allow dollar capital to rely not on bank networks, credit channels, or cross-border intermediaries, but on an open, programmable, globally accessible interest-rate infrastructure.
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<h2 id="span-style-font-weight-400-buidl-the-first-time-treasuries-enter-the-market-as-on-chain-liquid-shares-programmable-yield-span">BUIDL: The First Time Treasuries Enter the Market as “On-Chain Liquid Shares + Programmable Yield”</h2>
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As the starting point of the 2024–2025 on-chain Treasury revolution, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) not only brought Treasuries onto the blockchain, but more importantly, structured Treasury yield into on-chain shares. This allows holders of BUIDL tokens to indirectly benefit from U.S. Treasury returns, with the entire process being transparent, auditable, and transferable on the blockchain.
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According to an April 2025 report released by Coingecko, the tokenized treasuries market expanded by $4.7 billion that month to reach $5.5 billion, with BUIDL accounting for about 45% of market share. By November of the same year, BUIDL’s AUM had reached approximately $2.9 billion.
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This model completely changes the traditional relationship between Treasuries and capital liquidity. Historically, Treasury liquidity depended on market participants, broker clearing cycles, custodians, and dealers—restricted by geography and time. BUIDL turns Treasury liquidity into a form of “code + smart contracts + on-chain shares + instant redemption + global availability,” fundamentally reshaping the pathway through which capital accesses Treasury yield.
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More importantly, this mechanism combining liquidity, yield, and transferability gives Treasuries, for the first time, the characteristics of an on-chain money market fund (on-chain MMF): preserving the safety of Treasuries while gaining the composability and liquidity of blockchain systems. It provides global capital with a new pathway into the U.S. interest-rate curve, bypassing the traditional banking system.
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<h2 id="span-style-font-weight-400-superstate-tokenized-shares-compliance-architecture-the-starting-point-of-the-on-chain-rate-market-span">Superstate: Tokenized Shares + Compliance Architecture = The Starting Point of the On-Chain Rate Market</h2>
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If BUIDL brings Treasuries “on-chain + share-based + liquid + composable + clearable,” then the emergence of Superstate represents the formal interface between the on-chain funding system and traditional financial/regulatory frameworks.
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Superstate uses a structure of “tokenized shares + compliance architecture,” enabling on-chain Treasuries to move beyond a niche tool within crypto finance and become an asset that institutions, stablecoin issuers, and corporate treasury managers can adopt while meeting compliance requirements as both an on-chain money market fund and an interest-rate source.
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This design lowers compliance barriers for on-chain assets, encouraging large institutions to use on-chain Treasury yields as reserves or liquidity sources. At the same time, it provides stablecoins and digital-dollar systems with a yield-bearing, clearable, transparent underlying asset.
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Thus, Superstate is not simply “tokenizing Treasuries,” but building a new infrastructure capable of supporting global dollar liquidity, delivering U.S. interest rates, and accommodating regulatory audits and institutional requirements. This foundational infrastructure will become the bridge connecting on-chain finance and traditional finance and a key reference point for global funding-cost pricing.
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<h2 id="span-style-font-weight-400-why-can-on-chain-treasuries-truly-change-global-funding-costs-a-deep-structural-reconstruction-of-mechanisms-and-impacts-span">Why Can On-Chain Treasuries Truly Change Global Funding Costs? A Deep Structural Reconstruction of Mechanisms and Impacts</h2>
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First, on-chain Treasuries significantly reduce friction around cross-border and cross-time-zone access to Treasury yields. Previously, international capital could only enter the U.S. Treasury market through banks, brokers, clearing systems, cross-border transfers, custodians, and repo operations. Now, regardless of a fund’s origin, a compliant wallet address is sufficient to:
&nbsp;
<ul>
 <li style="font-weight: 400;">hold BUIDL / Superstate shares </li>
 <li style="font-weight: 400;">earn interest </li>
 <li style="font-weight: 400;">redeem at any time </li>
 <li style="font-weight: 400;">even use the shares as collateral for borrowing or structured products </li>
</ul>
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This low-friction, high-efficiency, globally accessible capital channel will greatly improve the efficiency and accessibility of global dollar liquidity.
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Second, on-chain Treasuries bring the risk-free rate into the on-chain financial system for the first time. The crypto market has long lacked a foundational mechanism linking asset pricing to real-world interest rates, making it difficult to anchor valuations to actual economic capital costs. On-chain Treasuries provide this anchor, enabling all on-chain assets, protocols, stablecoins, lending markets, and liquidity pools to price risk and liquidity premiums based on real Treasury yields — something previously impossible.
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Third, as stablecoin issuers, DeFi protocols, and cross-border enterprises adopt on-chain Treasuries as reserves or liquidity sources, stablecoins may no longer be “zero-yield dollars” but become interest-bearing digital dollars. This will reshape global FX, cross-border payments, and capital allocation logic, potentially weakening the dominance of traditional money market funds (MMFs), bank deposits, and offshore USD deposits.
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Finally, the composability and liquidity of on-chain Treasuries make them a new foundation for capital allocation. Structured credit products, DeFi lending, stablecoin reserves, corporate treasury management, cross-border payments, and even emerging on-chain insurance, derivatives, and re-packaged debt instruments can all be constructed around on-chain Treasuries. This breaks the multi-layered pathway of traditional finance — “bond → dealer → bank → borrower/investor” — making capital allocation more direct, efficient, and transparent.
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In other words, on-chain Treasuries are evolving from an asset class into the fundamental interest-rate engine of the on-chain financial system, rewriting global funding costs and capital-flow structures.
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<h2 id="span-style-font-weight-400-conclusion-2025-the-founding-year-of-on-chain-interest-rate-infrastructure-span">Conclusion: 2025 — The Founding Year of On-Chain Interest-Rate Infrastructure</h2>
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Looking back, 2025 will not be remembered merely as a year of RWA expansion, but as a structural break in the global funding-price system — the first time a U.S. dollar interest-rate infrastructure parallel to banks and dealers, yet transparent, efficient, and globally accessible, has been established.
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BUIDL and Superstate are not isolated products but milestone events. They demonstrate that U.S. interest rates and Treasury yields are no longer confined to Wall Street and the Treasury market; they can be programmed, fractionalized, and accessed by anyone in the world.
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In the future, stablecoins, DeFi protocols, cross-border corporate treasury operations, global capital allocation, and international portfolio construction may all use on-chain Treasury yields as benchmarks and on-chain rate curves as references. This will profoundly reshape global liquidity allocation, reduce cross-border funding costs, and enhance capital efficiency.
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Therefore, when discussing the “digital dollar system,” “cross-border capital liberalization,” or “globalization of on-chain financial infrastructure,” the real focus should not be on any particular token but on on-chain Treasuries — the most fundamental and indispensable component of this transformation.
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Read More:
<a href="https://www.coinrank.io/market/boman-group-backs-boman-capital-hong-kong-in-100-million-u-s-listed-web3-treasury-strategy-launch/" rel="noopener noreferrer nofollow">Boman Group Backs Boman Capital (Hong Kong) in $100 Million U.S.-Listed Web3 Treasury strategy Launch</a>
<a href="https://www.coinrank.io/crypto/solana-is-not-a-public-chain-but-an-emerging-economy-the-rise-of-the-on-chain-activity-layer-in-2025/" rel="noopener noreferrer nofollow">Solana Is Not a Public Chain, but an Emerging Economy: The Rise of the On-Chain “Activity Layer” in 2025</a>
〈<a href="https://www.coinrank.io/market/from-buidl-to-superstate-how-on-chain-treasuries-are-changing-global-funding-costs/" rel="noopener noreferrer nofollow">From BUIDL to Superstate: How On-Chain Treasuries Are Changing Global Funding Costs?</a>〉這篇文章最早發佈於《<a href="https://www.coinrank.io" rel="noopener noreferrer nofollow">CoinRank</a>》。

From BUIDL to Superstate: How On-Chain Treasuries Are Changing Global Funding Costs?

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