The market value of tokenized U.S. Treasury bonds increased to $665 million between January and September 2023, marking a 5.84-fold rise.

TechFlow news, according to a Coingecko report, the market cap of tokenized U.S. Treasury bonds increased from $114 million in January 2023 to $665 million by the end of September, representing a 5.84-fold surge.

Under the leadership of traditional financial institutions, the number of projects issuing tokenized treasury bonds has tripled this year. As of the end of September 2023, Franklin Templeton controlled 46.6% of the market share, followed by Ondo Finance with 26.8% (USD 178.3 million). Ondo Finance, launched in 2021, transitioned into RWA in February 2023.

The majority of RWA protocols are built on Ethereum, which holds 49% of the market share. Stellar is the preferred network for Franklin Templeton and WisdomTree, accounting for 48% of the market share.