Tokenized Treasury funds shrank 5.1% in 30 days, to $14.12B, per RWA xyz data.
That's with the 3-month T-bill still paying 4.00%. So it isn't the yield.
The 90-day flows show who's leaving:
~BUIDL -$950M, USYC -$931M, JTRSY -$827M, USTB -$367M
~BENJI +$520M, SHVon +$352M, USDY +$240M
~JTRSY is basically one address: Grove, the capital allocator of Sky, sent out ~770M tokens since August and now holds zero
That's a pretty interesting split.
The funds bleeding are the ones crypto balance sheets use. BlackRock's BUIDL backs USDtb from Ethena ($ENA ), Circle's USYC is Binance collateral, JTRSY was Grove's.
The funds growing are sold to wallets and retail apps.
My read is tokenized T-bills are still mostly a DeFi reserve asset. When onchain dollars shrink, they shrink too, whatever the yield.
But I wouldn't call it a DeFi-only market anymore. Franklin Templeton's BENJI added $399M in one week, after the SEC cleared Franklin's own ETFs and mutual funds to use it for cash management.
Can tokenized Treasuries grow if stablecoins don't?
That's with the 3-month T-bill still paying 4.00%. So it isn't the yield.
The 90-day flows show who's leaving:
~BUIDL -$950M, USYC -$931M, JTRSY -$827M, USTB -$367M
~BENJI +$520M, SHVon +$352M, USDY +$240M
~JTRSY is basically one address: Grove, the capital allocator of Sky, sent out ~770M tokens since August and now holds zero
That's a pretty interesting split.
The funds bleeding are the ones crypto balance sheets use. BlackRock's BUIDL backs USDtb from Ethena ($ENA ), Circle's USYC is Binance collateral, JTRSY was Grove's.
The funds growing are sold to wallets and retail apps.
My read is tokenized T-bills are still mostly a DeFi reserve asset. When onchain dollars shrink, they shrink too, whatever the yield.
But I wouldn't call it a DeFi-only market anymore. Franklin Templeton's BENJI added $399M in one week, after the SEC cleared Franklin's own ETFs and mutual funds to use it for cash management.
Can tokenized Treasuries grow if stablecoins don't?
