Total market cap of Treasury-backed tokens hits new high of $4.20 billion

According to rwa.xyz data, the total market capitalization of Treasury-backed tokens has increased by $800 million since the end of January, hitting an all-time high of $4.20 billion on Wednesday.
The product of real-world asset platform Ondo Finance (ONDO), short-term bond-backed OUSG and USDY tokens, climbed in value to nearly $1 billion, surging 53 percent in market capitalization over the past month. The token BUIDL, jointly issued by asset manager BlackRock and tokenization firm Securitize, rose 25 percent over the same period to more than $800 million. Asset manager Franklin Templeton's BENJI token expanded in value to $687 million, up 16 percent, while Superstate's USTB reached $363 million, up more than 63 percent.
Brian Choe, head of research at rwa.xyz, said that during the crypto downturn, tokenised Treasuries grew faster than stablecoins and were seen as a "leap in quality" as investors moved to safer, more profitable assets.