BlackRock’s tokenized U.S. Treasury fund, BUIDL, issued through Securitize, has regained its position as the largest tokenized U.S. Treasury product by assets under management, overtaking Circle’s USYC. The fund now holds approximately $2.8 billion in market capitalization, representing about 18.5% of the total tokenized U.S. Treasury market.
The broader tokenized Treasury market has expanded to roughly $15.1 billion to $16 billion, up from about $15 billion in recent weeks, reflecting sustained institutional interest in blockchain-based exposure to government debt. BUIDL’s resurgence comes amid intensifying competition from major players including Circle, Ondo Finance, and Franklin Templeton, all of which have expanded their tokenized Treasury offerings.
Launched in March 2024, BUIDL was among the first tokenized Treasury products to attract institutional investors, offering daily liquidity and yield generation through a blockchain-based format. The fund’s renewed lead highlights the convergence of traditional finance and decentralized infrastructure, as issuers seek to improve settlement efficiency, reduce operational costs, and enable programmatic use cases such as collateral management and automated trading.
Market observers see the BUIDL-USYC competition as evidence of shifting dynamics in how traditional financial instruments are distributed and managed. Although trading volume data remains limited, sentiment appears favorable, and the growth of tokenized Treasuries could bridge the crypto ecosystem with conventional capital markets. Regulatory clarity remains a key factor for long-term institutional adoption.
