In the wave of on-chain asset tokenization, the growth in the US Treasury sector is the most exaggerated. In less than two years, the total scale of tokenized US government bonds has surged from 200 million dollars to nearly 7 billion dollars, increasing by 50 times.

Where does this enthusiasm come from? To put it simply, institutional investors are starting to genuinely see the potential for earning stable returns on-chain.

Leading this trend is BlackRock's BUIDL fund, which currently manages assets approaching $2 billion. This product invests money in cash, short-term government bonds, and repurchase agreements, allowing you to continuously earn returns while holding on-chain tokens — it sounds very attractive to institutional funds.

In addition to BUIDL, there are many follow-up products on the market. Stablecoin giant Circle has launched USYC, Superstate has introduced USTB, and Ondo Finance is also releasing OUSG to keep up. The proliferation of products reflects that this sector is evolving from a niche topic into a new option for institutional asset allocation. Debt instruments backed by government credit are accelerating their migration into the on-chain ecosystem, and this trend has just begun.