Tokenized Treasurys: The 2026 Cash Cow or Crypto’s Latest Ponzi Scheme? 🚀

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In a masterstroke of prescience, CoinShares has foreseen the inevitable: the tokenization of real-world assets (RWAs) will surge into 2026, driven by humanity’s eternal obsession with dollar yield. A noble pursuit, one might say, though the exact definition of “yield” remains as elusive as a sober blockchain developer at a conference.

According to CoinShares’ 2026 Digital Asset Outlook, the tokenized RWA frenzy of 2025-led by US Treasurys, because nothing says “trust” like turning government debt into a digital collectible-showed “strong growth.” Onchain Treasurys doubled from $3.91 billion to $8.68 billion, while private credit nearly doubled too, climbing from $9.85 billion to $18.58 billion. A veritable feast for investors, or a prelude to a crash so dramatic even the stock market will roll its eyes. 🤷♂️

“Tokenisation has transcended the realm of crypto enthusiasts’ fever dreams,” declared Matthew Kimmell, CoinShares’ digital asset analyst, with the confidence of a man who’s never owned a pet. “Real assets, issued by reputable firms, receiving material investment. Even real regulators, once dismissive, now tentatively dipping their toes into the crypto waters.” One wonders if the “reputable firms” in question have ever been accused of anything more sinister than poor customer service.

Ethereum, the blockchain’s answer to a diva, remains the dominant network for tokenized US Treasurys. Per RWA.xyz, Ethereum currently holds $4.9 billion in onchain Treasurys. A triumph of engineering-or a glorified digital piggy bank for the technologically terminally ill. 🐷

US Treasurys: The Most “Immediate” Growth Vector (or Existential Threat?)

CoinShares predicts US government debt-backed products will lead 2026’s expansion, citing “global demand for dollar yield” and the “efficiency” of crypto settlement rails. A bold claim, especially since “efficiency” here likely means “less paperwork.” Investors, it seems, prefer Treasurys over stablecoins when yield is available with “minimal incremental risk”-a phrase that makes one long for the simplicity of cave paintings. 🎨

“Stablecoins show global demand for tokenised dollars,” CoinShares wrote, “yet investors prefer Treasurys over dollars directly.” A sentiment akin to preferring a sandwich over the ingredients, but with more math and fewer carbs. 🥪

CoinShares also noted that RWA tokenization has moved “beyond a niche experiment.” Thanks to established financial firms issuing these assets, they now attract “material capital” and regulators who “increasingly view blockchain as credible infrastructure.” One suspects the regulators’ definition of “credible” involves significantly less cryptocurrency and more coffee. ☕

Efficiency improvements, once theoretical, are now “happening directly onchain.” CoinShares expects this shift to continue, though not without “competitive tension.” Indeed, multiple networks and systems are vying for market share, leaving one to wonder if this is capitalism or a particularly aggressive game of musical chairs. 🪑

RWAs Grew 229% in 2025 (But Can They Handle 2026?)

Excluding stablecoins (which alone have a $300 billion market cap), RWAs ballooned from $5.5 billion to $18.1 billion in 2025-a 229% growth. A figure so staggering it makes one question whether the decimal point was misplaced or if humanity has finally embraced hyperbole as a currency. 💸

CoinShares CEO Jean-Marie Mognetti declared digital assets are “embedded within the traditional economy,” adding, “If 2025 was the year of the graceful return, 2026 looks positioned to be a year of consolidation into the real economy.” A statement so grandiose it could double as a motivational poster for a hedge fund. 📊

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2025-12-08 13:13