Onchain money is flowing into Treasuries, gold, and asset-backed credit

Crypto investors spent this week doing something surprisingly old-fashioned. They moved money into Treasuries, gold, and asset-backed credit, chasing income or a hedge. The twist is where it happened. These flows ran onchain, through tokenized versions of real-world assets (RWAs) that now sit inside decentralized finance protocols. Where the money sits Tokenized US Treasuries are the largest slice. Their distributed value reached approximately $15.6-$17.8 billion by mid-to-late 2026, according to the research findings. Asset-backed and private credit comes next, with a total value of $7-$8 billion. Tokenized gold follows, with a supply of approximately $5.4 billion. Gold’s growth stands out. Onchain ounces held rose 73% year-over-year, bringing the total to 36 tonnes. The big names in the Treasury category are familiar ones. BlackRock’s BUIDL holds roughly $2.5 billion. Circle’s USYC has ranged around $2.4-$3 billion at its peaks. Other issuers in the tokenized RWA space include Franklin Templeton, Tether, and Ondo, alongside crypto-native protocols. Safe havens behave like safe havens During the March 2026 drawdown in gold prices, tokenized Treasuries pulled in nearly $1.47 billio...