CoinShares Predicts Continued Growth in Tokenized US Treasurys

CoinShares has reported significant growth in tokenized real-world assets (RWAs), particularly in US Treasurys, suggesting that this trend will carry on into 2026. The company noted that the context for this increase is a rising demand for dollar yield, fostering an expanding market for on-chain assets.

In CoinShares’ 2026 Digital Asset Outlook report, it noted that tokenized RWAs surged by 229% in 2025, primarily due to tokenized US Treasurys, which more than doubled from $3.91 billion to $8.68 billion. The report also highlighted that private credit almost matched this growth, from $9.85 billion to $18.58 billion.

“Tokenization has materially moved beyond the longtime narrative of crypto enthusiasts,” Matthew Kimmell, a digital asset analyst at CoinShares, remarked. “Real assets, issued by reputable firms, are receiving substantial investment. Even real regulators are engaging with crypto rails as a credible infrastructure.”

Ethereum has maintained its role as the primary blockchain network for tokenized US Treasurys, with over $4.9 billion in tokenized assets.

Expectations for 2026

CoinShares anticipates that US government debt-backed products will spearhead future expansion in 2026, driven by the global appetite for dollar yield and the enhanced efficiency offered by crypto-based settlements.

The firm observed a trend where investors prefer Treasurys over stablecoins when there is a yield opportunity with minimal incremental risk.

“Stablecoins have shown significant global demand for tokenized dollars, functioning both as reserves and transactional assets,” stated CoinShares. “However, when presented with the option, investors typically favor holding Treasurys over direct dollar holdings.”

With established financial firms now issuing these assets, CoinShares believes that significant capital is being attracted and more regulators are beginning to regard blockchain as credible infrastructure.

Despite expected shifts in asset management on-chain, CoinShares warned of competitive tensions among various networks and settlement systems, which may complicate liquidity consolidation.