Ethereum tokenized Treasuries hit $8B, Wall Street grows
Ethereum is becoming Wall Street’s on-chain treasury hub, with tokenized Treasuries doubling to about $8 billion in six months. Token Terminal data shows growth from roughly $4 billion in Nov 2025 to $8 billion in May 2026 (+100%).
The biggest issuers highlighted are BlackRock’s BUIDL (about $2.63B), Ondo’s USDY (about $2.14B), and Franklin Templeton’s iBENJI (about $2.1B). Other notable products include Centrifuge’s JTRSY (~$1.14B), WisdomTree’s WTGXX (~$978M), Superstate’s USTB (~$850M), and Ondo’s OUSG (~$682M).
Why Ethereum: tokenized Treasuries rely on programmable smart contracts to distribute yield automatically to holders, and many large RWA products are launched on Ethereum or route through it as the primary chain. The article contrasts this with Bitcoin (limited smart contract capability) and Solana (faster, but shorter track record).
Key drivers: high US Treasury yields (roughly 5%–10% annual yield per token), faster 24/7 settlement on-chain (seconds vs 1–2 business days), and broader institutional adoption.
Risks: macro rate expectations (a sharp Fed cut could reduce demand for Treasuries), and regulatory uncertainty around tokenized securities. Ethereum’s price rose from about $1,748 (Feb 2026) to around $2,464 (May 2026) amid this growth.
For traders, this supports the RWA/institutional narrative, but near-term flows may swing with US rates and regulatory headlines.
Bullish
看涨（偏积极），但带有监管与利率敏感度。
1）资金面与叙事：以太坊上的 tokenized Treasuries 在6个月内从约40亿美元升至80亿美元，且由 BlackRock、Franklin Templeton、Fidelity、WisdomTree 等机构主导。这类“链上真实收益资产（RWA）”通常会吸引中长期配置资金，并提升市场对以太坊作为基础结算/收益分发层的需求。
2）机制优势：文中强调以太坊智能合约可自动派息、链上结算接近实时（秒级）且可在任何时间转移，这会降低部分传统国债持有/再平衡的摩擦成本。类似地，当市场看到“传统金融资产上链”形成规模化产品时（以往如稳定币、链上票据/债券化叙事扩张），往往会带来资金与TVL联动，从而对ETH情绪形成支撑。
3）但短期不确定性：增长来自高收益环境；若美联储快速降息或风险资产偏好变化，代币化美债吸引力可能下降，资金流入可能放缓。此外，代币化证券的监管路径仍不清晰，任何政策落地/收紧都可能影响机构发行与合规成本。
因此，交易上更可能表现为“阶段性利好+波动加大”：短期跟随RWA/机构流入数据与利率预期交易；中长期取决于监管明确度与持续的国债收益竞争力。