Ondo’s tokenized U.S. Treasury product, USDY, has taken the lead in the tokenized T-bills market by adding $98.9 million to its on-chain market capitalization over the past 30 days. The growth places USDY well ahead of rival offerings from Franklin Templeton, including sgBENJI and BENJI, which recorded increases of $14.1 million and $12.0 million, respectively, during the same period.
The surge reflects a broader shift in investor confidence toward asset-backed digital tokens. While the overall crypto market sentiment remains mixed, the expansion in tokenized U.S. Treasury bills suggests that yield-bearing products tied to traditional financial instruments are gaining traction among digital asset investors. Ondo specializes in tokenized financial products, and rising regulatory acceptance could further support this segment.
Market participants are closely monitoring whether USDY can maintain its growth trajectory and attract additional capital into tokenized T-bills. Potential risks include market volatility and changes in investor appetite for asset-backed tokens, but the current momentum positions USDY as a key indicator for the sector.
