The market cap of tokenized U.S. T-Bill funds is now $7.5 billion, up 50x since 2024.
These assets are tokenized money market funds, mostly backed by U.S. Treasuries.
They pay real yield, are stable, and are easy to use on-chain.
Because of this, they are used more and more across DeFi.
Main uses in DeFi ↓
➥ Collateral for lending / borrowing
- Users deposit tokenized T-Bills to borrow stablecoins or other assets and still earn yield.
- Examples: Aave Horizon RWA, Morpho vault, Euler strategy
➥ Liquidity on DEXs
- Used in pools to earn trading fees and rewards.
- Examples: Uniswap, Curve, Balancer
➥ Yield strategies & structured products
- Yield can be split or optimized.
- Examples: Pendle, Convex, other aggregators
➥ Backing for stablecoins
- Some stablecoins are backed by tokenized T-Bills.
- Example: USDtb from Ethena, mainly backed by BUIDL.
➥ Tokenized T-Bills in Perp DEXs
Yes, some of these assets are already used in perpetual trading.
- Helix lists BUIDL Index Perpetuals
- JupUSD (backed by BUIDL + USDtb)
Used as collateral/base asset in perps to bring yield into positions like @StandX_Official with DUSD
Big trend for 2026
- More RWA-focused perp platforms are coming like @OstiumLabs
- Tokenized Treasuries become standard collateral for perps
- Strong demand from institutions like @rails_xyz
- Fits regulation better than volatile crypto assets
Tokenized U.S. T-Bills bring real yield + stability into DeFi and perps.
In 2026, they move from "nice to have" to core infrastructure.
These assets are tokenized money market funds, mostly backed by U.S. Treasuries.
They pay real yield, are stable, and are easy to use on-chain.
Because of this, they are used more and more across DeFi.
Main uses in DeFi ↓
➥ Collateral for lending / borrowing
- Users deposit tokenized T-Bills to borrow stablecoins or other assets and still earn yield.
- Examples: Aave Horizon RWA, Morpho vault, Euler strategy
➥ Liquidity on DEXs
- Used in pools to earn trading fees and rewards.
- Examples: Uniswap, Curve, Balancer
➥ Yield strategies & structured products
- Yield can be split or optimized.
- Examples: Pendle, Convex, other aggregators
➥ Backing for stablecoins
- Some stablecoins are backed by tokenized T-Bills.
- Example: USDtb from Ethena, mainly backed by BUIDL.
➥ Tokenized T-Bills in Perp DEXs
Yes, some of these assets are already used in perpetual trading.
- Helix lists BUIDL Index Perpetuals
- JupUSD (backed by BUIDL + USDtb)
Used as collateral/base asset in perps to bring yield into positions like @StandX_Official with DUSD
Big trend for 2026
- More RWA-focused perp platforms are coming like @OstiumLabs
- Tokenized Treasuries become standard collateral for perps
- Strong demand from institutions like @rails_xyz
- Fits regulation better than volatile crypto assets
Tokenized U.S. T-Bills bring real yield + stability into DeFi and perps.
In 2026, they move from "nice to have" to core infrastructure.
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