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Tokenized U.S. Treasury products on public blockchains have reached $7.42 billion in assets, with major growth driven by institutional entrants like Fidelity. The market is now on track to surpass $10 billion by December 2025, fueled by yield demand and improved blockchain infrastructure. Key players include BlackRock, WisdomTree, and Franklin Templeton, all leveraging Ethereum and layer-2 networks for scalability.
- Fidelity's OnChain Treasury fund has reached $203.7 million in assets, custodied by BNY Mellon and recorded on Ethereum.
- BlackRock leads tokenized treasury offerings with $2.20 billion, followed by WisdomTree ($832.3M) and Franklin Templeton ($752.3M).
- Ethereum's EIP-4844 upgrade has reduced data fees for rollups, lowering minting and transfer costs for tokenized assets on L2s.
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