Tokenized U.S. Treasury-backed yield-bearing stablecoins are becoming the most exciting new financial instrument. They bring together the stability of traditional fixed-income assets with the transparency and efficiency that blockchain technology provides. These next generation stablecoins offer a rare opportunity. They offer a more regulated and safe path for investors to...

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...