Theo becomes first crypto-native investor in Fidelity tokenized fund
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- Tokenized US Treasury products grew from about $6.9 billion in late June 2025 to roughly $14.6 billion in late June 2026, making them the largest segment of the tokenized real-world asset market, according to RWA.xyz.
- RWA.xyz tracks 83 tokenized Treasury products held by more than 64,000 investors across issuers including Circle, BlackRock, Ondo, Franklin Templeton and Securitize.
- Five issuers — Circle, BlackRock, Ondo, Franklin Templeton and Securitize — each manage more than $2 billion in distributed value, per RWA.xyz data.
- JPMorgan launched JLTXX, a tokenized government money market fund on Ethereum that invests in US Treasury bills and overnight repurchase agreements, in May.
- Franklin Templeton partnered with MoonPay the following month to let eligible institutions move between supported stablecoins and its BENJI tokenized money market fund via an onchain trading workflow.
- Franklin Templeton separately launched a dedicated crypto division after closing its 250 Digital acquisition, expanding beyond its tokenized Treasury franchise.
Why it matters: With tokenized Treasuries now commanding $14.6B and five issuers each above the $2B mark, traditional finance firms like JPMorgan and Franklin Templeton are no longer dabbling — they're building dedicated crypto units and onchain distribution rails, narrowing the gap between Wall Street infrastructure and stablecoin-based treasury strategies.
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