Base, the Ethereum layer-2 network built by Coinbase, posted the largest single-day increase in tokenized US Treasury market cap 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 crypto’s fastest-growing verticals. Total on-chain market cap for these products now sits somewhere between $13.6B and $16.2B across public blockchains, roughly tripling since early 2025.
Base’s slice of that pie 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 still dominate the tokenized Treasury landscape with billions in market cap each. The $636K daily gain put Base 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.
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, effectively letting holders 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 are barely a blip on the radar of the fixed-income world.
For Base specifically, the strategic logic is compelling. 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 neatly 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 doesn’t evaporate when token prices dip.