According to data published by RWA.xyz, crypto investors invested a total of $617 million in U.S. debt through different tokenized treasury products that package U.S. treasuries, bonds, and money funds into tokens.
RWA.xyz has recorded a total of 19 products (with two temporarily without data), and the data shows that since January 2023, the Market Cap of these tokenized products, which package US Treasuries, bonds, and money market funds, has been continuously increasing.
The reason behind this trend is the ongoing interest rate hikes by the Federal Reserve, which has led to the withdrawal of liquidity from the DeFi market. In various DeFi protocols, the yield on stablecoins (such as USDT, USDC, DAI) has been consistently declining, while US Treasury bonds, which serve as risk-free interest rates, have gained favor among investors.