Tokenized US Treasuries were the first real-world asset category to attract serious institutional capital on-chain. The reason is not yield — it is structure: a familiar instrument, named custodians, and settlement that happens in minutes instead of days.
Why this category led
- The asset is boring, and that's the point. A short-term government bond is the most understood instrument in finance. Tokenizing it removed operational friction without introducing new asset risk.
- Accountability stayed with regulated parties. Fund managers, transfer agents, and custodians remained the same recognizable institutions.
- Programmable settlement. Treasuries that settle instantly and move 24/7 are genuinely useful to on-chain treasuries and market makers.
What it teaches other categories
The lesson for real estate, private credit, and funds is that tokenization wins when it keeps the accountability perimeter intact and removes friction — not when it promises returns.
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