The total on-chain locked value of tokenized U.S. Treasuries has surpassed $14 billion, marking a new all-time high, according to data from Token Terminal. Franklin Templeton's Benji fund has emerged as the fastest-growing issuer, with its on-chain assets increasing by over 381% month-over-month. Tokenized Treasuries are predominantly issued on Ethereum, with notable growth on BNB Chain and Solana. Currently, around 33,900 wallets hold these tokenized assets, primarily used by DeFi teams and protocols as collateral in lending platforms like Morpho, Sky, and Flux. The locked value, with an annualized yield of 3.68%, generates approximately $515 million in annual income.