Ondo Finance and Superstate pulled ahead of the pack in the tokenized US Treasury bill market this past week. According to Token Terminal data, Ondo added $41.6 million in market cap over seven days, while Superstate added $34.2 million.
Together, that is roughly $75.8 million of fresh capital flowing into two issuers in a single week.
Who grew, and by how much
The weekly gains cover the period ending around October 19, 2026. Ondo led the way, with Superstate a fairly close second.
A tokenized T-bill product takes short-term US government debt and represents it as a token on a blockchain. Holders get exposure to Treasury yields and can move that exposure around on-chain instead of waiting on traditional settlement rails.
Ondo’s weekly jump came on the heels of a bigger milestone. On October 13, 2026, the platform crossed $3 billion in total tokenized US Treasury assets.
Its flagship product, USDY, accounted for over $2.3 billion of that total, at approximately $2.328 billion. OUSG, Ondo’s other Treasury offering, held approximately $319 million.
That haul made Ondo the leading platform by assets, according to RWA.xyz.
USDY’s roughly $2.328 billion edged past BlackRock’s BUIDL, which sat at about $2.2 billion in the same October 13 snapshot.
The top spot for a single product, however, belonged to someone else. Circle’s USYC held roughly $2.38 billion under management, keeping it narrowly ahead of both USDY and BUIDL.
So the leaderboard depends on how you count. Measured by platform, Ondo leads. Measured by individual fund, Circle holds the crown.
A market measured in billions
The total tokenized US Treasury market was valued at between $14.9 billion and $15.5 billion in mid-October 2026. Against that backdrop, Ondo’s $3 billion represents roughly a fifth of the entire sector.
The broader category is bigger still. Total tokenized funds reached $35.1 billion by early October 2026, with T-bill funds standing out as a leading category within that universe.
Superstate’s USTB product is now marketed under the Invesco Short Duration US Government Securities Fund branding, putting a traditional asset management name on an on-chain Treasury vehicle. USTB has posted strong daily leadership in some recent periods, with on-chain assets under management in the hundreds of millions.
Why the growth matters, and where it stalls
There is a catch. Use of these tokenized assets inside decentralized finance remains low, estimated at only 0.4% to 2%.
The vast majority of tokenized Treasuries are being bought and held, not deployed. They are sitting in wallets collecting yield rather than serving as collateral in lending markets or liquidity pools.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.