The tokenised Treasury market's growth story has quietly changed shape. The interesting number is no longer assets under management but utility: how many venues will accept an on-chain money-market share as margin.
Products from BlackRock and Securitize, Franklin Templeton, Ondo and Superstate are now used as collateral across a growing set of institutional venues and DeFi credit markets. For a desk running basis trades, the difference between margin that yields and margin that does not is straightforwardly material.
Where the risk actually sits
The credit risk is familiar and small; the operational risk is not. Redemption windows, transfer-agent processes and the legal enforceability of on-chain transfers all vary between issuers, and a token that cannot be liquidated inside a margin call is not collateral.
Our desk treats these instruments the same way we treat commodity-backed tokens: the wrapper is only as strong as the redemption mechanics and the entity honouring them.