Tokenized T-Bills Reach $14B Record on-Chain, Driven by Multi-Chain Expansion

Gate News message, April 22 — Tokenized U.S. Treasury bills have reached a new record of $14 billion in total value locked across multiple blockchains as of April 2026, according to Token Terminal data. The growth was driven by increased inflows from a larger number of wallets holding tokenized assets, signaling sustained institutional and protocol interest despite recent DeFi challenges.

Funds have flowed into tokenized U.S. debt on BNB and Solana, two networks with robust recent growth. Ethereum remains the primary venue for government debt tokenization due to its established status as an early hub for money market funds and T-bills. Over the past month, Franklin Templeton’s Benji fund on Ethereum led the surge, with its on-chain assets expanding by 381.9%. Other fast-growing tokenized T-bill products included TBILL on Ethereum (+178.6%), USDY on Sei Network (+107.5%), STBT on Ethereum (+62.0%), and JTRSY on Ethereum (+57.3%).

Tokenized U.S. treasuries are held by approximately 33.9K wallets, hovering near record levels. These assets are predominantly held by DeFi protocols and teams, who use them as collateral on lending protocols such as Morpho, Sky, and Flux. Sky Protocol’s USDS and Ondo Finance’s USDY stablecoins are both backed by tokenized T-bills, while Spark Protocol uses T-bill positions as an “anchor collateral” to offset crypto market fluctuations.

At $14 billion in total value locked, issuers of tokenized T-bills will collectively receive approximately $515 million in annualized yield at current rates of 3.68%. Whether issuers share this yield with token holders remains uncertain and varies by protocol. However, the continued expansion signals that DeFi protocols are actively seeking more conservative financial tools rather than capitulating to market pressures.