Tokenized gold (XAUT, PAXG) still sits at the top by total value, the classic hedge trade. But right behind it, Treasury-backed products like $BUIDL, $USYC, $USDY, and $BENJI are accumulating billions. That’s institutional capital allocating directly on-chain. What drove this?

XAUT-0,57%
PAXG-0,69%
BENJI-5,47%
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