Securitize, J.P. Morgan, Franklin Templeton drive $65M in tokenized Treasury market cap growth in one week

Tokenized US Treasury products issued by Securitize, J.P. Morgan, and Franklin Templeton added a combined $65.1 million in market capitalization over the past week. That single-week figure is part of a broader wave that has pushed the total tokenized US Treasury market well past the multi-billion-dollar threshold.

Who’s doing the heavy lifting

Securitize has positioned itself as the dominant tokenization platform in this race, and the numbers reflect it. According to Token Terminal, Securitize’s tokenized products grew by $580 million over the last 30 days alone. The firm now trades publicly on the NYSE under the ticker SECZ, giving it the kind of visibility and accountability that institutional counterparties tend to appreciate.

A significant chunk of Securitize’s growth is tied to its role powering BlackRock’s BUIDL fund.

J.P. Morgan added $105.1 million in tokenized product market cap over the past 30 days through its Kinexys platform. The bank has been running institutional pilot programs focused on tokenized fund settlements, stress-testing the plumbing that would allow large-scale asset transfers to happen on-chain rather than through legacy clearing systems.

Franklin Templeton rounds out the trio with its OnChain US Government Money Fund, which uses BENJI tokens to represent shares in a regulated money market vehicle. The fund reported total net assets of approximately $721 million. What makes Franklin Templeton’s approach notable is the regulatory tailwind behind it: the SEC issued a no-action letter allowing the fund to invest in blockchain-based money markets, effectively removing the traditional custody requirements that have historically slowed institutional adoption of on-chain products.

Why treasuries, and why now

Traditional Treasury transactions involve layers of intermediaries, settlement delays, and custody arrangements that add friction and cost. Putting those same instruments on a blockchain strips out much of that overhead. Transfers can happen continuously rather than during banking hours. The assets become programmable, meaning they can be used as collateral in DeFi protocols or plugged into smart contracts without manual intervention.

The regulatory environment has also shifted. Between the SEC’s no-action letter for Franklin Templeton and the broader policy trajectory in Washington, the compliance risk that once made large banks hesitant about tokenization has diminished considerably.

What this means for the broader market

The growth of tokenized Treasuries is creating a new class of yield-bearing, blockchain-native collateral that can bridge traditional finance and DeFi ecosystems. In practical terms, that means a hedge fund could hold tokenized Treasuries as collateral on a decentralized lending protocol, earning yield on its reserves while simultaneously using them to access leverage.

For DeFi protocols, the arrival of institutional-grade, yield-bearing collateral addresses over-reliance on volatile crypto assets as the foundation of lending markets. Tokenized Treasuries offer a stable, income-generating alternative.

Securitize’s public listing and BlackRock partnership give it a clear lead in platform market share, but J.P. Morgan’s institutional network and Franklin Templeton’s regulatory first-mover advantage mean the race is far from settled.

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