Stockings Full of Yield: A Holiday-Season Comparison of Tokenized Treasury Platforms
Tokenized U.S. Treasury products saw market cap growth in 2025, with yields ranging from 2.3% to 4.2% by Christmas.Summary
The market capitalization of on-chain tokenized U.S. Treasury products more than doubled in 2025, surpassing nine billion dollars by December. These platforms exist on a spectrum, from tokenized money market funds (MMFs) using blockchain settlement (like BlackRock’s BUIDL) to tokens designed for permissionless DeFi integration (like Ondo’s USDY). Treasury tokens are categorized as either fixed Net Asset Value (NAV), which rebases by issuing new tokens, or floating price tokens, which accrue yield through asset appreciation. Among floating-price tokens, Superstate’s USTB offered the highest annualized return at 4.11% for the year. For fixed-NAV products, comparing yields is harder due to differing reporting methods, but adjusted annualized returns ranged from 2.56% (YLDS) to 4.02% (WTGXX) based on data through late 2025.
(Source：CCN)