Tokenized Treasuries have climbed to a capitalization of $8.63 billion as traders and banks begin using them for repo market financing. Tokenized U.S. Treasuries, the largest class of real-world assets (RWA) after stablecoins, have entered a new phase. Tokenized money-market funds (MMFs), which pool cash into short-term U.S. government securities, are shifting from passive yield to collateral for trading, credit and repo transactions. As of late October, the total market cap of tokenized Treasuries reached $8.6 billion, up from $7.4 billion in mid-September. The increase was led by BlackRock’s BUIDL, which reached about $2.85 billion, followed by Circle’s USYC at $866 million and Franklin Templeton’s BENJI at $865 million. Fidelity’s newly launched tokenized MMF also showed impressive growth and rose to $232 million. Digital representations of Treasury bills are starting to move through the same settlement and margin systems that support traditional collateral markets. The first practical test of fund-as-col...