Onchain capital shifts into tokenized Treasuries, gold and credit
- —Tokenized US Treasuries are the largest slice at roughly $15.6–17.8 billion
- —Asset-backed and private credit totals $7–8 billion; gold supply is $5.4 billion (36 tonnes, +73% YoY)
- —BlackRock's BUIDL holds about $2.5 billion; Circle's USYC peaked at $2.4–3 billion
- —19–21% of tokenized credit is used as collateral in lending protocols
Why it matters: Tokenized Treasuries barely trade (0.006% turnover) while credit is embedded in DeFi collateral, so a large redemption could strain liquidity and lending markets.
Source: Crypto Briefing