Follow the Collateral: How Tokenized Treasuries Are Entering Institutional Crypto

Retail adoption is measured in signups. Institutional adoption is measured in what a risk committee accepts as margin, and by that standard the tokenized US Treasury market has gone from roughly $1.7 billion in early 2024 to $15.2 billion across 76 products by early May 2026, on Kaiko's count. Posting an asset as collateral is a judgment about issuer, custody and legal claim that no adoption…