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Stablecoins

Tokenized Treasuries by Holder and Use Case

Kinji SteimetzMar 27, 2025 ⋅ 13 min read

Key Insights

  • Yield-bearing stablecoins hold the largest share of tokenized treasuries, accounting for around 48% of the market.
  • EOAs and multi-sigs represent nearly half of holdings, reflecting a mix of individual and protocol-level users.
  • Retail-focused funds are a small segment, with BENJI being the primary option accessible to U.S. retail users.
  • Institutional products are primarily used as collateral, with most assets allocated to stablecoin backing rather than direct investment.

Framing the Market: Growth, Scope, and Methodology

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Kinji Steimetz

48 ReportsSteimetzKinji

Kinji formerly covered crypto at Morgan Stanley. His primary interests are DeFi, Ponzi's and unstable stablecoins.

Mentioned Assets
Outline
  • Key Insights
  • Framing the Market: Growth, Scope, and Methodology
  • Who’s Holding What: Breaking Down the Holder Base
  • Market Concentration and Product Segmentation
  • Stablecoin Growth Has Become the Dominant Use Case
  • Tokenized Treasuries May Be Used as Risk-Off Capital
  • Closing Thoughts
Author
Kinji Steimetz
Kinji formerly covered crypto at Morgan Stanley. His primary interests are DeFi, Ponzi's and unstable stablecoins.
48 ReportsSteimetzKinji
Mentioned Assets