Base, the Ethereum layer-2 network built by Coinbase, recorded the largest single-day increase in tokenized US Treasury market capitalization among all tracked blockchains, adding $636K to its on-chain government debt holdings.

Small number, big signal

The tokenized US Treasury market has become one of the fastest-growing verticals in crypto. Total on-chain market cap for these products now sits between $13.6B and $16.2B across public blockchains, roughly tripling since early 2025. The growth has tracked a broader shift in which institutional investors, drawn by Treasury yields, have sought ways to hold interest-bearing assets on-chain as part of their digital-asset strategies.

Base's share of that market remains modest. Treasury-related real-world asset (RWA) total value locked on the network is approximately $37.95M, according to DefiLlama data. The bulk of that comes from Spiko, a tokenized treasury product issuer that has made Base one of its primary distribution rails.

For context, Ethereum's mainnet and BNB Chain continue to dominate the tokenized Treasury landscape, each holding billions in market cap. Base's $636K daily gain put it ahead of every other chain tracked on the reporting day, suggesting that new capital is beginning to explore layer-2 options for yield-bearing on-chain assets rather than defaulting to mainnet Ethereum. Lower transaction costs on layer-2 networks relative to Ethereum mainnet are one factor that has made them increasingly viable for assets that may require frequent issuance, redemption, or transfer activity.

Who's building the plumbing

BlackRock's BUIDL fund, launched on Ethereum, was one of the catalysts that legitimized the category for institutional allocators. Circle and its subsidiary Hashnote, Ondo Finance, and Anemoy (operating through Centrifuge) have all carved out positions in this space.

On Base specifically, Spiko has emerged as the primary provider. The firm offers tokenized short-duration government debt designed for institutional use, allowing holders to earn Treasury yields without leaving the blockchain environment.

The 0.2% problem (or opportunity)

The overall short-duration T-bill market is valued at approximately $6.6 trillion. Tokenized versions currently represent roughly 0.2% of that. Even after tripling in size since early 2025, on-chain Treasuries remain a small fraction of the fixed-income world. How quickly issuers expand onto additional chains such as Base, and whether RWA totals on those networks keep compounding from their current small bases, will indicate whether tokenized Treasuries are broadening beyond Ethereum mainnet and BNB Chain in practice.

For Base, the strategic logic is notable. Coinbase has spent the past two years positioning itself as the compliant, institutional-friendly on-ramp to crypto. A layer-2 network that hosts yield-bearing government debt fits into that narrative, giving institutional users a reason to deploy capital on Base beyond simple DeFi speculation and providing the network with sticky TVL that does not evaporate when token prices dip.