Throughout much of this year, the tokenized treasuries sector had been steadily climbing without skipping a beat—until recently, when that momentum began to fade. Back on June 12, Bitcoin.com News reported that the tokenized treasuries market hit $7.34 billion. By mid-July—specifically July 16, 2025—it peaked at a lifetime high of $7.55 billion.

Source: rwa.xyz stats.

In short, from July 16 to now, $800 million has exited the sector, according to metrics collected by rwa.xyz. Data reveals that roughly $409 million flowed out of the largest fund, Blackrock’s BUIDL, which slipped from $2.819 billion to $2.41 billion over the past week. Meanwhile, Franklin Templeton’s BENJI saw a $29.51 million dip during that same stretch.

Source: rwa.xyz stats.

The third-place contender, the Ondo Short-Term U.S. Government Bond Fund (OUSG), managed a slight 0.12% uptick over the past seven days. Likewise in fourth, the Ondo U.S. Dollar Yield Fund (USDY) posted a modest gain, along with the Wisdomtree Government Money Market Digital Fund (WTGXX), which also inched slightly upward.

On the other hand, the Superstate Short Duration U.S. Government Securities Fund (USTB) landed in the red, bleeding $310.38 million. Together, BUIDL and USTB absorbed the bulk of the week’s outflows. While a few funds continue to see inflows, the concentrated outflows from major players suggest some repositioning is underway.

Whether this signals a temporary cool-off or a deeper trend remains to be seen as capital seeks new footing. What once seemed like unstoppable growth in tokenized treasuries now faces its first real test. Either way, the weeks ahead will offer a clearer view of whether this dip is just noise or a sign of something more structural in the market.

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