Base, Coinbase’s layer-2 network, posted the largest single-day increase in tokenized US Treasury market cap, adding $636K to its on-chain government debt holdings. The total market cap for tokenized Treasuries on public blockchains now ranges between $13.6B and $16.2B, roughly tripling since early 2025. Base’s share remains modest with approximately $37.95M in real-world asset total value locked, largely from provider Spiko. Ethereum mainnet and BNB Chain still dominate the space with billions in market cap each. The broader short-duration T-bill market is valued at approximately $6.6 trillion, with tokenized versions representing just 0.2% of that total.
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