Tokenized US Treasurys ( The tokenization of U.S. government bonds ) The market is showing steady growth. According to Token Terminal statistics, the market size has increased 50-fold since 2024. One of the main drivers of this growth is asset management firm BlackRock's launch of the "Dollar Institutional Digital Liquidity Fund" (BUIDL) in March 2024. As of now, the fund's market value has exceeded $1.2 billion, demonstrating that the participation of traditional financial giants plays a key role in enhancing liquidity in the on-chain government bond market. Tokenized government bonds refer to government-issued debt instruments that are converted into digital tokens via blockchain technology, enabling real-world assets to be traded and recorded on a decentralized ledger, thereby increasing transfer efficiency and lowering participation barriers.