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<p>Tokenized Treasuries hit a record $15.35 billion on May 13 as Fed rate-hike fears drove investors toward on-chain yield.</p>
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   <li>Total value locked in tokenized Treasuries surpassed the previous mid-April peak of $15.10 billion, with rwa.xyz data confirming the $15.35 billion record on May 13.</li>
   <li>April’s US CPI came in at 3.8% annually, sharply raising the probability of a Federal Reserve rate hike and weakening the case for near-term cuts.</li>
   <li>Circle’s USYC and BlackRock’s BUIDL lead the sector, which has grown from $3.9 billion in early 2025 to exceed $15 billion in 16 months.</li>
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<p>Tokenized Treasuries reached $15.35 billion in total value locked on May 13, <a href="https://app.rwa.xyz/treasuries" rel="noopener noreferrer nofollow">surpassing</a> the previous mid-April peak of $15.10 billion, according to rwa.xyz data.</p>
<p>The push came as markets began pricing in a higher probability of a Federal Reserve interest-rate increase, a sharp reversal from the rate-cut expectations that dominated earlier in 2026.</p>
<p>“The June cut just got significantly harder to defend, and the allocator positioning we flagged, capital sat in BlackRock’s BUIDL and tokenized T-bills rather than spot crypto, is going to look prescient by Friday,” Iggy Ioppe, co-founder of Polygon Ventures, said in an email.</p>
<p>April’s US CPI came in at 3.8% annualised, accelerating from 3.3% in March and raising the stakes around the PPI report due May 14.</p>
<h2 class="wp-block-heading" id="why-tokenized-treasuries-are-drawing-capital-away-from-spot-crypto">Why tokenized Treasuries are drawing capital away from spot crypto</h2>
<p>Rising real interest rates make yield-bearing on-chain instruments structurally more attractive than spot cryptocurrency. Tokenized Treasuries currently offer a seven-day average yield of around 3.41%, a return that is easily legible to institutional allocators trained on money market fund mechanics.</p>
<p>Circle’s USYC now leads the sector with approximately $2.9 billion in assets, having overtaken <a href="https://crypto.news/blackrocks-buidl-surpasses-2-1-aum-on-ethereum-as-risk-off-sentiment-rises/" rel="noopener noreferrer nofollow">BlackRock’s BUIDL</a> in mid-March 2026. BUIDL remains the second-largest product at roughly $2.58 billion. Fidelity’s FDIT, Franklin Templeton’s BENJI, and Ondo’s OUSG round out the top five.</p>
<p>You might also like: <a href="https://crypto.news/anthropic-rejects-prestocks-tokens-as-shares-void/" rel="noopener noreferrer nofollow"> Anthropic voids PreStocks tokens in share warning </a></p>
<p>The broader tokenized real-world asset market has crossed $30.9 billion, up 44% year to date and more than 200% year over year, with tokenized Treasuries accounting for roughly half the total. The growth from $3.9 billion in early 2025 to $15 billion in 16 months reflects a structural shift in how institutions are deploying capital on-chain.</p>
<h3 class="wp-block-heading" id="what-comes-next-as-macro-risk-builds">What comes next as macro risk builds</h3>
<p>Bitcoin held above $80,000 as of May 13 but faced difficulty breaking higher, with the 200-day moving average overhead and miner balance-sheet pressures adding potential selling on rallies.</p>
<p>WTI crude oil bounced back above $100 while copper approached record highs, both signalling commodity-led inflation that could sustain elevated rates and continued demand for tokenized yield products.</p>
<p>Flows into <a href="https://crypto.news/circle-turns-tokenized-stablecoin-binance-yield-play/" rel="noopener noreferrer nofollow">tokenized Treasuries</a> could accelerate further if the PPI print confirms pipeline inflationary pressure.</p>
<p>BlackRock separately <a href="https://crypto.news/blackrock-pushes-occ-to-rethink-tokenized-reserve-limits/" rel="noopener noreferrer nofollow">pushed</a> the OCC this week to reclassify tokenized Treasury products as equivalent to their traditional counterparts for stablecoin reserve purposes, a move that could further entrench them as the default institutional on-chain cash instrument.</p>
<p>Read more: <a href="https://crypto.news/poly-truth-explained-the-ai-prediction-market-tool-turning-data-into-decisions/" rel="noopener noreferrer nofollow"> Poly Truth explained: The AI prediction market tool turning data into decisions </a></p>

Tokenized Treasuries set record at $15.35 billion

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