Less than five months after hitting a $1 billion market cap, tokenized Treasury notes have doubled again, surpassing the $2 billion mark on Saturday, according to RWA.xyz. Tokenized Treasuries are digital representations of U.S. government bonds that can be traded as tokens on Ethereum, Stellar, Solana, Mantle, and more. While $2 billion is an impressive milestone for a newly launched fund, the potential is much greater given the massive size of the $27 trillion Treasury market.

The largest of these, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), has been a major factor in the rapid growth in market cap this year. Just six weeks after its launch in late March, BUIDL became the largest tokenized treasury fund with a market cap of $375 million. Assets now stand at $503 million. Competitors include Franklin Templeton’s OnChain U.S. Government Money Fund (FOBXX) and Ondo’s U.S. Dollar Yield (USDY), both of which have also seen explosive growth.

However, as rwa.xyz data shows, much of the recent growth has come from smaller issuers. Hashnote’s offering has grown nearly 50% to $218 million over the past month. Meanwhile, OpenEden and Superstate’s offerings have grown 37% and 18%, respectively, over the same period, approaching a market cap of $100 million.

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