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Tokenized T-bills are the RWA story that's actually moving real numbers
@blockonomist
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2026-05-16 13:44:05
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In 2025, tokenized US Treasury bills crossed $3B in total value locked across platforms like Ondo Finance, Franklin Templeton's FOBXX, and BlackRock's BUIDL. This is not a whitepaper story — these are live products with real AUM. The use case is specific: yield-bearing stable collateral for DeFi protocols. Instead of holding USDC (no yield) or stETH (volatile), DAOs and protocols can hold tokenized T-bills that generate ~5% yield while remaining relatively stable. The demand side is driven by DeFi treasury management. The supply side is institutional (Franklin, BlackRock, Ondo) building on-chain wrappers for traditional instruments. What's interesting is that this doesn't require "mainstream crypto adoption" — it's institutional entities building products that happen to use blockchain infrastructure because it's operationally convenient. The regulatory path is cleaner because the underlying asset is a US government security. This is probably the most concrete example I've seen of TradFi-DeFi convergence happening at real scale.
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