Who is driving tokenized treasury growth? Key takeaways from my latest @MessariCrypto report Tokenized treasuries have crossed $5B in market cap, fueling talk that TradFi is coming onchain. But wallet-level data points the other way. Around 64% of tokenized treasuries on Ethereum are held by yield-bearing stablecoin protocols. Over 90% of USCY backs Usual’s USD0++. About half of BUIDL is held by Ethena for USDtb. Across networks, nearly half of all tokenized treasuries are now being used as stablecoin collateral. TradFi may be supplying the product, but the demand is coming from crypto-native users. Tokenized treasuries also grow after market peaks, rising as broader crypto prices cool off. While they don’t trade inversely to the market, this pattern suggests they may be starting to act like a risk-off asset, with demand picking up once sentiment fades. Future growth may stay cyclical if demand is from liquid and venture funds rotating during downtrends. That could change if new integrations take hold, exchanges using them as collateral, or protocols shifting idle assets into treasuries.