The tokenized Treasury market has crossed $15 billion in outstanding value, a milestone driven by institutional demand for on-chain yield and collateral utility. The growth comes as Bitcoin has stalled in price and macro sentiment has shifted hawkish following a hot inflation print, pushing some crypto-native capital into tokenized fixed-income as a risk-off alternative within the digital asset ecosystem.
For Armada's crypto-collateral desk, the $15 billion figure represents a materially larger pool of eligible collateral, but the rate-hike risk context matters. Tokenized T-Bills pledged in repo carry duration and mark-to-market risk if yields spike; Armada's no-rehypothecation policy limits contagion but does not eliminate collateral value deterioration. LTV models for tokenized Treasuries should be stress-tested against the current forward curve.