Tokenized US Treasuries $10 Billion Milestone: Ondo USDY Circle USYC and thBILL Issuers Breakdown
The tokenized US Treasuries market has shattered expectations, surging past $10.13 billion in total value as of early 2026. This isn’t just a number; it’s proof that tokenized US treasuries $10 billion milestone marks the tipping point where blockchain meets the world’s safest asset class. Institutional players and savvy crypto natives alike are piling in, drawn by yields hovering around traditional T-bills but with 24/7 liquidity and DeFi composability that legacy bonds can only dream of.
Recent data from sources like RWA. xyz and Arkham shows a 7% weekly jump, fueled by heavyweights in the space. Ethereum dominates hosting, but BNB Chain and Stellar are carving out niches too. Products like Ondo USDY, Circle USYC, OpenEden’s thBILL, and Superstate’s offerings are the engines driving this growth, blending RWA treasuries issuers 2026 innovation with rock-solid backing.
Tokenized US Treasuries $10B Milestone: 6-Month Price Performance Comparison
Real-time comparison of key tokenized US Treasuries (Ondo USDY, Circle USYC, thBILL) against other tokenized assets, stablecoins, and major cryptocurrencies as of 2026-02-10
| Asset | Current Price | 6 Months Ago | Price Change |
|---|---|---|---|
| Ondo US Dollar Yield (USDY) | $1.11 | $1.00 | +11.0% |
| Circle USYC (USYC) | $1.12 | $1.00 | +12.0% |
| thBILL (thBILL) | $1.02 | $1.00 | +1.5% |
| Superstate USTB (USTB) | $10.98 | $10.50 | +4.6% |
| BlackRock BUIDL (BUIDL) | $0.000084 | $0.000080 | +4.9% |
| USD Coin (USDC) | $1.00 | $1.00 | +0.0% |
| Tether (USDT) | $1.00 | $1.00 | +0.0% |
| Bitcoin (BTC) | $68,609.00 | $118,359.58 | -42.0% |
| Ethereum (ETH) | $2,010.02 | $4,548.17 | -55.8% |
Analysis Summary
Tokenized US Treasuries have outperformed stablecoins and major cryptocurrencies over the past 6 months, with Circle USYC (+12.0%) and Ondo USDY (+11.0%) leading gains amid the sector’s $10B milestone, while BTC and ETH declined sharply.
Key Insights
- Circle USYC and Ondo USDY delivered double-digit returns (+12.0% and +11.0%), highlighting yield-bearing advantages.
- thBILL, USTB, and BUIDL posted modest gains of +1.5% to +4.9%.
- Stablecoins USDC and USDT held steady at +0.0%, maintaining their $1 peg.
- Bitcoin (-42.0%) and Ethereum (-55.8%) suffered major losses, underscoring tokenized Treasuries’ resilience.
Prices and 6-month changes (from 2025-08-14) sourced exclusively from provided real-time data via CoinMarketCap, CoinGecko, and historical snapshots, last updated 2026-02-10.
Data Sources:
- Main Asset: https://coinmarketcap.com/currencies/ondo-us-dollar-yield/
- Circle USYC: https://coinmarketcap.com/currencies/circle-usyc/
- thBILL: https://coinmarketcap.com/currencies/thbill/
- Superstate USTB: https://www.coingecko.com/en/coins/superstate-short-duration-us-government-securities-fund-ustb/usd
- BlackRock BUIDL: https://coinmarketcap.com/currencies/blackrock-buidl/
- USD Coin: https://coinmarketcap.com/currencies/usd-coin/
- Tether: https://coinmarketcap.com/currencies/tether/
- Bitcoin: https://coinmarketcap.com/historical/20250814/
- Ethereum: https://coinmarketcap.com/historical/20250814/
Disclaimer: Cryptocurrency prices are highly volatile and subject to market fluctuations. The data presented is for informational purposes only and should not be considered as investment advice. Always do your own research before making investment decisions.
Ondo USDY Tokenized Treasury: Permissionless Yield on High-Speed Chains
Ondo’s Ondo USDY tokenized treasury stands out with over $1.2 billion in AUM, recently launching on the Sei Network as the first permissionless tokenized Treasury there. At a stable $1.11 price, USDY delivers US T-bill yields while enabling seamless use in DeFi protocols. Its 24-hour gain of and $0.0150 underscores steady demand, making it a go-to for yield farmers who want safety without the silos of TradFi.
What sets USDY apart? It’s not just about the yield; it’s the accessibility. Deployed across multiple chains, it lets users earn on assets that were once exclusive to institutions. This expansion reflects broader trends in RWA treasuries issuers 2026, where tokenized products like USDY bridge the gap between crypto speed and Treasury stability.
Circle USYC Takes the Crown on BNB Chain
Circle’s USYC has seized the top spot with $1.69 billion AUM, edging out even BlackRock’s BUIDL thanks to slicker distribution and mechanics. Thriving on BNB Chain, Circle USYC BNB Chain offers tokenized exposure to short-term Treasuries, perfect for traders seeking low-risk parking with blockchain efficiency. This leadership swap highlights how nimble fintechs are outpacing giants in the race to tokenize fixed income.
USYC’s rise ties into the market’s diversification push. While Ethereum holds the lion’s share, BNB Chain’s lower fees and speed make USYC a magnet for cost-conscious investors. It’s reshaping liquidity pools, allowing instant collateralization in lending apps without the drag of settlement delays.
Ondo USDY (USDY) Price Prediction 2027-2032
Realistic forecasts amid $10B+ tokenized US Treasuries market growth, institutional adoption, and RWA integration
| Year | Minimum Price | Average Price | Maximum Price | YoY % Change (Avg from Prior Year) |
|---|---|---|---|---|
| 2027 | $1.05 | $1.13 | $1.22 | +1.8% |
| 2028 | $1.07 | $1.16 | $1.28 | +2.7% |
| 2029 | $1.09 | $1.20 | $1.35 | +3.4% |
| 2030 | $1.12 | $1.25 | $1.42 | +4.2% |
| 2031 | $1.15 | $1.31 | $1.50 | +4.8% |
| 2032 | $1.18 | $1.38 | $1.60 | +5.3% |
Price Prediction Summary
USDY, currently at $1.11, is forecasted to maintain stability with gradual premium expansion due to rising AUM, DeFi utility, and tokenized Treasury adoption. Average prices projected to grow modestly from $1.13 in 2027 to $1.38 in 2032, reflecting bullish demand amid market cycles while mins account for bearish regulatory or rate risks.
Key Factors Affecting Ondo USDY Price
- Tokenized Treasuries market surpassing $10B AUM, led by USDY ($1.2B+), USYC, BUIDL
- Strong institutional interest from Ondo Finance, Circle, BlackRock, Superstate
- DeFi integration enabling 24/7 liquidity and collateral use
- Regulatory clarity accelerating RWA tokenization
- Interest rate environment and Treasury yields influencing premiums
- Multi-chain expansion (Ethereum, Sei, BNB, Stellar) boosting accessibility
- Competition and market cycles impacting supply-demand dynamics
Disclaimer: Cryptocurrency price predictions are speculative and based on current market analysis.
Actual prices may vary significantly due to market volatility, regulatory changes, and other factors.
Always do your own research before making investment decisions.
OpenEden thBILL: Streamlined T-Bill Access for Global Investors
OpenEden’s thBILL tokenized treasuries deliver straightforward T-bill tokenization, capturing significant market share in this $10.13 billion boom. Backed by actual US Treasuries, thBILL provides transparent, on-chain proof of reserves, appealing to those wary of opaque funds. Its growth mirrors the sector’s maturation, where products like this enable retail and institutional holders to tap yields without custodial headaches.
In a landscape buzzing with institutional inflows, thBILL’s focus on simplicity positions it as a core building block for DeFi strategies. Paired with leaders like USDY and USYC, it’s helping propel the total value locked higher, proving tokenized Treasuries aren’t a fad but a fixture.
Superstate’s treasury tokens round out the top tier, delivering institutional-grade tokenized funds that have fueled the tokenized US treasuries $10 billion surge. With a focus on compliant, high-yield structures, Superstate appeals to funds and family offices dipping toes into RWAs. Their products emphasize audited reserves and seamless redemption, making them a safe bet in a space still shaking out regulatory kinks.
Superstate Treasury Tokens: Institutional Compliance Meets On-Chain Efficiency
Superstate treasury tokens shine by prioritizing KYC/AML rails alongside blockchain perks, attracting capital from TradFi holdouts. In this $10.13 billion market, they’ve carved a niche for investors who demand both yield and oversight. Picture parking cash in T-bills that settle instantly, programmable for automated strategies, all while ticking compliance boxes. That’s Superstate’s edge, blending the best of both worlds without forcing users to choose between speed and security.
These tokens aren’t chasing hype; they’re built for endurance. As RWA treasuries issuers 2026 evolve, Superstate’s measured approach could pull in even more conservative allocators, steadying the market through volatility. Paired with USDY’s permissionless vibe and USYC’s chain agility, it completes a quartet that’s redefined fixed-income accessibility.
Zoom out, and these four – Ondo Finance, Circle, OpenEden, and Superstate – command the bulk of this boom, their products interlocking like gears in a high-precision machine. Ondo’s USDY at $1.11 holds firm with that modest 24-hour bump of $0.0150, signaling resilience amid flux. USYC’s BNB Chain dominance proves alt-L1s are no longer sidekicks. thBILL strips away complexity for pure T-bill plays, while Superstate fortifies the institutional ramp.
This isn’t random growth; it’s convergence. Tokenized Treasuries now flex as DeFi collateral, yield engines in vaults, even bridges to exotic chains like Sei. Ethereum’s grip loosens as BNB and Stellar siphon flows, hinting at a multi-chain future where liquidity isn’t chained to one network. Yields? Competitive with spot T-bills, often 4-5%, but programmable and borderless.
Yet, here’s my take: the real disruption lurks in composability. Stack USDY in a lending protocol, collateralize thBILL for perps, or automate Superstate redemptions via smart contracts. Institutions love the transparency – on-chain reserves beat custodian black boxes every time. Retail gets in without wire transfers or minimums. It’s fixed income, remixed for a 24/7 world.
Risks linger, sure. Smart contract bugs, oracle fails, or a Fed pivot could jolt yields. Regulators circle, eyeing SEC nods for these wrappers. But with $10.13 billion locked, momentum crushes doubt. BlackRock’s BUIDL trails now, Franklin’s BENJI plays catch-up – the top four are sprinting ahead, forcing incumbents to adapt or fade.
As tokenized US Treasuries scale, expect deeper DeFi integration: think auto-reinvesting vaults or cross-chain yield aggregators featuring USDY and USYC. For investors, it’s simple: diversify into these leaders for yield with upside. The $10 billion mark? Just the warm-up. Blockchain’s rewriting bonds, one token at a time, and these issuers hold the pen.
