For years, stablecoins were the crypto equivalent of stuffing cash under a mattress. You parked your dollars on-chain, they held their peg, and that was the whole pitch. No yield, no upside, just stability in a market that offered precious little of it.
That era is fading fast. Yield-bearing tokenized funds now account for roughly 10% of the total stablecoin market, according to Token Terminal. With the broader stablecoin market cap hovering near $310 to $320 billion, this slice translates to a category valued at approximately $4.76 to $4.78 billion, per CoinGecko data.
From zero to $11 billion in tokenized Treasuries
Traditional financial instruments, primarily US Treasuries, are being wrapped in blockchain tokens that let holders collect yield without leaving the crypto ecosystem. The numbers tell a dramatic story. Tokenized US Treasuries surged from roughly $750 million at the start of 2024 to nearly $11 billion by early 2026.
Products like BlackRock’s BUIDL fund have become poster children for this convergence. The broader yield-bearing stablecoin segment itself grew by approximately 300% throughout 2025, a pace that outstripped most other crypto narratives during the same period.
