According to OKG Research, up to now, the crypto market has accumulatively held about $130 billion of U.S. short-term treasury bond, accounting for about 2% of the total amount of T-Bills flowing out of the United States. Among them, stablecoins (USDT and USDC) hold approximately $125 billion, accounting for 56.8% of the total amount of stablecoins; RWA tokenized US Treasury products (32 in total) are estimated to be worth approximately $5.213 billion. Since 2025, the growth rate of tokenized US bonds has been significant, with a compound annual growth rate of 14% in the past year. OKG Research predicts that in the next two to five years, the crypto market will further absorb US short-term treasury bond worth 300 – 600 billion dollars through the three major paths of stable currency expansion, RWA agreement growth and DeFi/DAO treasury allocation, and the market penetration is expected to increase to 5 – 10%.