Over $1B in U.S. Treasuries (UST) Has Been Tokenized on Public Blockchains

The rapid rise in Treasury yields in the past two years has fueled demand for their tokenized versions. The 10-year yield, the so-called risk-free rate, has risen to 4.22% from 1.69% since March 2022, denting the appeal of lending and borrowing the dollar-pegged stablecoins in the decentralized finance market.