The total market value of tokenized US Treasury bonds has surpassed the $10 billion mark. Data indicates rapidly increasing institutional interest in on-chain finance products, strengthening the bridging role of tokenized government bonds between traditional finance and crypto markets. According to experts, tokenized US bonds offer investors low-risk yield opportunities in an on-chain environment, while also providing a concrete example of the integration of traditional financial instruments into blockchain infrastructure. This trend suggests that the tokenization of real-world assets (RWA) is beginning to establish a permanent presence in financial markets.