According to OKG Research data, as of now, the crypto market has accumulated approximately $130 billion in US short-term Treasury bills (T-Bills), accounting for about 2% of the total T-Bills in circulation in the United States. Among these, stablecoins (USDT and USDC) hold around $125 billion, representing 56.8% of the total stablecoin volume; the estimated value of RWA tokenized US debt products (32 products) is about $5.213 billion. Since 2025, the growth of tokenized US debt has been significant, with a compound monthly growth rate of 14% over the past year. OKG Research predicts that in the next 2-5 years, the crypto market may further absorb $300-600 billion in US short-term Treasury bills through three main paths: stablecoin expansion, RWA protocol growth, and DeFi/DAO treasury allocation, with market penetration expected to increase to 5-10%.
