Tokenized treasuries were particularly hot in April 2025. This growth was largely driven by the deteriorating global economic sentiment and the large U.S. initiated trade tariffs that were released in March. BlackRock’s BUIDL fund led the charge, capturing the large majority of new market. In parallel, the overall market cap of tokenized treasuries skyrocketed to an all-time high. This increase is indicative of a larger trend of investors flocking towards low-risk, low-return assets in a highly uncertain economic environment.
Tokenized treasuries’ market capitalization reached an all-time high of $5.6 billion in April 2025. This marks an impressive $2.3 billion, or 67.1%, increase from March. BlackRock’s BUIDL fund has led massive expansion in the space. As of March 2023 it holds a phenomenal 44% market share. Since the beginning of the year, BUIDL has grown by 372.8%, now totaling $2.5 billion in treasuries.
This expansion of tokenized treasuries happened on multiple blockchain networks, with Ethereum and Stellar taking the lead. Despite Ethereum’s continued dominance, Stellar is making large strides.
Other notable players in the tokenized asset space include Backed and Dinari. This has resulted in Backed enjoying a 77% share of the market while Dinari makes up the other 23%. Exodus, a publicly traded company on the New York Stock Exchange, recently tokenized its shares. This approval is another sign of how widely accepted tokenization is becoming by legacy financial institutions.
Centrifuge moved away from private credit in favor of tokenized treasuries. Consequently, the firm has experienced an extraordinary drop in its active loans. The on-chain private credit sector, as a whole, reached $546.8 million in total active loans by the end of April 2025. Even considering this count, the total outstanding loans in the entire on-chain private credit are still roughly one-third of their height. When we first reached this peak in May of 2022.
So even though both the private and public sectors across the world are pouring billions into tokenized assets, the number of unique onchain holders is still small. These tokenized treasuries are currently spread across just over 11,000 addresses. Commodity-backed tokens have exploded in popularity almost doubling in growth at 67.8% from 2024-2025, receiving a combined $773.9 million increase to their market capitalization due to this boom. Yet, the entire market cap of commodity-backed tokens only represents 0.8% of the aggregated market cap of fiat-backed stablecoins.
