Tokenized funds hit $37.8B market cap as T-bill products take the lead

Tokenized funds reached a $37.8 billion market cap as Treasury bill-backed products took the lead, marking a shift toward blockchain-based cash management. The milestone reflects growing demand for onchain yield instruments that could reshape traditional finance dynamics. T-bill products are driving the category's expansion, though the article did not break out individual protocol or chain figures. Market participants will watch whether tokenized Treasury offerings continue to absorb cash management demand and how incumbent asset managers respond.