🔎 RESEARCH: Tokenized Treasurys have crossed 8.6B and are shifting from passive yield to active collateral. Exchanges like Bybit and Deribit now accept tokenized MMFs for trading and margin, while banks like DBS are testing them in repo and credit markets. Swift, Chainlink and UBS have connected tokenized funds to the banking system using ISO 20022 messages; letting traditional settlement systems trigger blockchain actions. This marks tokenized Treasurys moving from crypto experiments to real financial infrastructure. Could tokenized Treasurys become the backbone of onchain collateral markets?(Cointelegraph)