Tokenized U.S. Treasuries Reach $15.9 Billion as BNY Mellon Plans 24/7 Settlement by 2027

Jul 20, 2026

The tokenized U.S. Treasuries market has surged 2.5 times in a year to nearly $15.9 billion, led by Ethereum's $7.1 billion share and products like Circle's USYC and BlackRock's BUIDL. To capitalize on this growth, BNY Mellon plans to pilot tokenized Treasuries on a private blockchain by late 2026 and enable 24/7 settlement by 2027. Meanwhile, tokenized equities grew 15.10% in 30 days, and tokenized credit reached $35.75 billion in represented value, driven by Figure's $20.1 billion HELOC token.

Tokenized U.S. Treasuries market

▪BNY Mellon is developing market infrastructure to support 24-hour settlement cycles for both conventional and tokenized Treasuries by 2027.
▪BNY Mellon plans to launch pilot trading of tokenized U.S. Treasury bonds on its proprietary private blockchain platform by the end of 2026.
▪The value of tokenized U.S. Treasuries reached $15.92 billion as of July 19, 2026, representing a 2.5-fold increase from $6.51 billion on July 20, 2025.
▪The distributed value of tokenized U.S. Treasuries stood at $15.86 billion as of July 22, 2026, representing a 2.23% increase over a 30-day period.

Leading treasury token products

▪Circle's USYC token leads the tokenized U.S. Treasury category with a valuation of approximately $2.95 billion to $2.96 billion.
▪JPMorgan's OnChain Liquidity-Token Money Market fund (JLTXX) expanded by 87.23% over 30 days to reach $809.7 million by July 22, 2026.
▪BlackRock's USD Institutional Digital Liquidity fund (BUIDL) holds the second-largest position in tokenized Treasuries at approximately $2.52 billion to $2.61 billion.

Blockchain network RWA distribution

▪BNB Chain holds the second-largest share of tokenized U.S. Treasury value at approximately $4.6 billion to $4.7 billion as of July 2026.
▪The value of tokenized U.S. Treasuries on the XRP Ledger grew from $50 million in April 2025 to $418.5 million in April 2026.
▪Ethereum carries the largest share of tokenized U.S. Treasury value at $7.1 billion as of July 2026.

Tokenized equities growth

▪Tokenized equities and ETFs grew 15.10% over 30 days to reach $1.86 billion in distributed value by July 22, 2026.
▪Figure's FGRS token leads the tokenized equities category with $211.2 million in distributed value as of July 22, 2026.

Tokenized credit market products

▪Tokenized credit carries $6.93 billion in distributed value and $35.75 billion in represented value as of July 22, 2026.
▪Figure's HELOC Token (FIGR_HELOC), built on the Provenance network, dominates the tokenized credit category with $20.1 billion in represented value.

Non-U.S. government debt tokens

▪Spiko's EU T-Bills Money Market Fund (EUTBL) leads the non-U.S. sovereign debt category with $1.02 billion in distributed value.
▪Tokenized debt issued outside the United States reached $1.41 billion in distributed value as of July 22, 2026, up 6.90% over 30 days.