On-chain tokenized US Treasury bonds surpass $14 billion, setting a new record.

CoinFeed reported on April 23 that, according to Cryptopolitan, Token Terminal data shows that the total value locked (TVL) of tokenized US Treasury bonds on-chain has surpassed $14 billion, setting a new record. Benji Fund, owned by Franklin Templeton, saw its on-chain assets grow by over 381% in the past month, becoming the fastest-growing issuer of tokenized debt. Tokenized Treasury bonds are primarily issued on Ethereum, with significant growth also observed on BNB and Solana. Currently, approximately 33,900 wallets hold tokenized Treasury bonds, nearing the historical peak. Holders are mainly DeFi teams and protocols, using tokenized Treasury bonds as collateral in lending protocols such as Morpho, Sky, and Flux. Based on an annualized yield of 3.68%, the $14 billion TVL could generate approximately $515 million in returns annually.