"Dominating Solana and BNB"...Ethereum Leads as Premier Digital Asset Payment Network

▲ Ethereum (ETH)

The Ethereum (ETH)-based tokenized US Treasury market has surpassed $8 billion, reaching an all-time high. As both traditional financial institutions and cryptocurrency-based platforms simultaneously expand the market, the trend of Ethereum establishing itself as a digital asset payment network for institutions is accelerating.

According to Bitcoinist, the market capitalization of Ethereum-based tokenized US Treasury products has been tallied at approximately $8 billion. Token Terminal stated that the market size has increased by about 100% over the past six months, reaching an all-time high.

This growth is not a trend led by a single company. BlackRock's BUIDL fund, issued through Securitize, accounts for the largest share. Alongside it, Franklin Templeton's iBENJI, WisdomTree's WTGXX, Ondo Finance's USDY, Centrifuge's JTRSY, and Superstate's USTB have all contributed to the growth.

Bitcoinist pointed out that this spread is a trend that has moved beyond the experimental stage of a single company. The creation of these products by major asset management firms is driven by demand. Investors desire exposure to US Treasuries while also requiring fast settlements, 24-hour accessibility, and programmable features offered by blockchain infrastructure.

Ethereum has been presented as the network where the largest activity in the tokenized Treasury market is concentrated. According to rwa.xyz data, Ethereum is leading this sector by a significant margin. Its closest competitor, BNB Chain, holds $3.4 billion worth of tokenized Treasuries, while Solana (SOL), Stellar (XLM), and XRP Ledger each remained below $1 billion.

The utilization methods of tokenized Treasuries are also considered a key factor in market expansion. Tokenized Treasuries on-chain are not merely stored in wallets; they are being used as collateral to generate returns in decentralized lending protocols and money markets. Unlike holding traditional bonds, the ability to leverage stable, government-backed assets within a broader range of financial applications is presented as a differentiating factor.

Bitcoinist reported that this sector has matured into a multi-billion dollar liquidity layer on Ethereum, directly competing with stablecoin reserves, money market funds, and short-term ETFs. The explanation is that as more collateral moves on-chain, Ethereum's total security value grows, and its status as the primary payment network for institutional digital assets is strengthened.

However, while the $8 billion figure is a record milestone for the tokenized Treasury market, it still remains a small proportion compared to the entire $27 trillion US Treasury market. Governments and financial regulatory authorities worldwide continue to review custody rules, compliance standards, and investor protection measures for blockchain-based securities.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*