Onchain investors are piling into tokenized US Treasuries. Total onchain Treasury funds now have a record high market cap of $16.2 billion, up +77% year-to-date. But, why? The growth is being driven by a surge in demand to earn a yield onchain by using US Treasury Bills as collateral. Increasingly, users are depositing tokenized Treasuries, borrowing stablecoins against them, and deploying those stablecoins into DeFi strategies. Using onchain platforms like Jupiter, these positions can even be "looped" through a lending program. This looping mechanism allows users to repeatedly borrow and redeploy capital, pushing annualized yields above 10% in some cases. In our view, tokenized Treasuries are becoming a key part of the foundation of onchain finance.

Onchain prediction markets give @nvidia a 74% chance of finishing 2026 as the world's most valuable company. Alphabet led for exactly five days in February and never again. We pulled the onchain odds on the race for the top spot.

Onchain funds, bonds and repo aren't experiments. They're already happening, delivering onchain financial instruments that are cheaper, better and faster than their legacy equivalents. The UK has the capital markets depth and regulatory credibility to be a global leader in tokenised wholesale markets, delivering up to £33bn in annual economic output by 2035. That's why we are proud to support @hmtreasury's Wholesale Digital Markets taskforce and today's new strategy to scale tokenization in the UK. Find out more and read the report: