If your idle on‐chain dollars feel expensive, pay attention: tokenized U.S. Treasuries have crossed USD 10 billion in AUM as of late Nov–early Dec 2025, up from under $1 billion in early 2023 and multi‐billion by late 2024. This piece explains what happened and what to do next for traders, fintech builders, and risk teams. Key drivers: 4–5% short‐dated yields, Treasuries’ risk‐free status, and programmable token formats plus institutional launches from BlackRock, Franklin Templeton, Ondo and Maker. Impact: they’re becoming base collateral in DeFi, creating new arbitrage and NAV‐price trades, and offering dollar‐linked, yield‐bearing rails for payments. Watch custody/legal structures, smart‐contract risk, and liquidity/redemption mechanics. Immediate actions: integrate T‐Bill tokens into collateral and treasury strategies, build RWA‐aware analytics and risk models, and stress‐test on‐chain/off‐chain behavior.

Think tokenized assets are still fringe? Institutional capital and forecasts say otherwise — here’s what you need to know and what to watch. In recent weeks Canton Network raised US$135M from firms including Goldman Sachs, BNP Paribas and DTCC to scale tokenization of bonds, gold, repo and digital cash; Standard Chartered projects tokenized RWAs to jump from about US$35B today to US$2T by 2028 (largely on Ethereum); and private credit added about US$24B in H1 2025. Regulators (U.S. GENIUS Act, Digital Asset Market Clarity Act; EU, Singapore, UAE) and standards (ERC-1400/3643), custody and identity tooling are maturing. Why it matters: institutional product, liquidity and revenue models could shift, but custody, liquidity and uneven regulation remain risks. Watch issuance volumes, compliance adoption, secondary trading and TradFi–blockchain partnerships; confidence in this trend is ~80–85% over 3–5 years.