Tokenized Treasuries Top $15 Billion as Fed Rate-Hike Concerns Stall Bitcoin Rally

Tokenized Treasuries bring claims on U.S. government debt yields onto blockchains, giving investors both on-chain liquidity and U.S. dollar returns. As markets shift from expecting rapid Federal Reserve rate cuts to assessing the risk of rate increases, capital is more likely to park in yield-bearing products such as BlackRock's BUIDL than in non-yielding risk assets such as Bitcoin. Changes in the sector's size have therefore become an important gauge of crypto-market risk appetite.

Data from rwa.xyz showed that the total value locked in tokenized Treasuries rose to $15.35 billion on May 13, 2026, surpassing the previous high of about $15.1 billion set in mid-April. Bitcoin held above $80,000 but met resistance near its 200-day moving average of about $82,300. The market expected U.S. producer prices to rise 4.9% year on year in April, while miners could also sell into strength, stalling the rally.