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.