# Tokenised Treasuries Hit New Records as Aave and Ondo Expand RWA Collateral

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**Publisher:** Decentralized Finance Publication (https://decentralized-finance.io)
**Author:** Decentralized Finance editorial team
**Reviewed by:** Kaiser Khan, Editor in Chief
**Category:** News
**Updated:** June 2026
**Trust:** Independent, ad-free editorial research. No display advertisements, no paid protocol coverage, no affiliate-driven rankings.

## Summary

Tokenised US Treasuries and money market funds on-chain surpassed $30B AUM in June 2026. Ondo's OUSG is accepted as Aave collateral; BlackRock BUIDL and Superstate USTB expand issuer options. RWA collateral lets DeFi borrowers access Treasury yield exposure while keeping loans on-chain — bridging institutional finance and protocols like Aave, Morpho, and SparkLend.

Real-world asset tokenisation is no longer a pilot — it is a measurable slice of DeFi TVL. June 2026 data shows on-chain tokenised Treasury and money-market products collectively above $30 billion, up from the $20 billion milestone crossed earlier in the year. Issuers include DeFi-native Ondo Finance, institutional giant BlackRock via BUIDL, Franklin Templeton, and newer entrants like Superstate.

The DeFi integration layer matters as much as issuance: when OUSG became usable as Aave collateral, it created a path for qualified holders to borrow stablecoins against Treasury exposure without selling the underlying fund tokens.

## Key integrations

- Ondo OUSG: Aave V3 collateral on Ethereum — borrow USDC/DAI against tokenised short-term Treasuries
- Ondo USDY: Yield-bearing dollar product with broadening jurisdictional availability
- BlackRock BUIDL: Used by Ondo, Superstate, and institutional treasury desks — largest institutional AUM
- Superstate USTB: Ethereum-native Treasury fund with growing DeFi integrations
- SparkLend / Sky: Explores RWA-adjacent collateral as USDS ecosystem expands

## Why it matters for DeFi users

RWA collateral introduces a new risk-return profile: counterparty and issuer risk replaces pure smart-contract volatility risk, but yields track risk-free rates rather than token emissions. For DAO treasuries and sophisticated users, RWA-backed borrowing is a capital-efficiency tool — hold Treasuries, borrow stablecoins for DeFi strategies, repay from yield.

Retail access remains gated: most RWA products require KYC and qualified investor status. Permissionless stablecoins (USDC, DAI) remain the default for open DeFi — but the ceiling for institutional capital is rising with each new collateral listing.

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