Tokenized US Treasury products surpassed $15 billion in on-chain market cap for the first time in May 2026, tripling from approximately $5 billion fourteen months earlier. Circle leads the segment with its USYC token at around $3 billion, followed by BlackRock (BUIDL: $2.67 billion), Franklin Templeton (BENJI and iBENJI: $2.45 billion), and Ondo (USDY: $2.15 billion). As of August 3, 2026, the market reached $16.16 billion distributed across 85 distinct products with approximately 62,948 holders. The top five players control 71% of the market with yields hovering around 3% APY, confirming growing institutional adoption of these instruments.
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