by Coinstrooper Crypto Articles
Quick Take
  • BlackRock’s tokenized US Treasury fund, BUIDL, has reclaimed the top spot among products of its kind, with a market capitalization of roughly $2.8 billion.
  • Token Terminal data shows BUIDL now holds about 18.5% of the $15.1 billion tokenized Treasury market, narrowly ahead of Circle’s USYC.
  • Tokenized Treasury funds let institutions hold short-term US government debt on a blockchain.
  • Settlement happens around the clock, instead of the multi-day cycles typical of traditional bond markets.

What Happened

BUIDL is BlackRock’s USD Institutional Digital Liquidity Fund, administered by Securitize. USYC, meanwhile, represents a share in Circle’s Hashnote-based fund, which Circle folded into its stablecoin business after acquiring Hashnote in 2025.

Market Context

BlackRock’s tokenized US Treasury fund, BUIDL, has reclaimed the top spot among products of its kind, with a market capitalization of roughly $2.8 billion.

Token Terminal data shows BUIDL now holds about 18.5% of the $15.1 billion tokenized Treasury market, narrowly ahead of Circle’s USYC.

Tokenized Treasury funds let institutions hold short-term US government debt on a blockchain. Settlement happens around the clock, instead of the multi-day cycles typical of traditional bond markets.

That competition signals this corner of the tokenized asset market is maturing into a genuine, contested category. It is no longer a niche dominated by a single early mover.

The post BlackRock's BUIDL Reclaims Top Spot for Tokenized Treasuries, Bolstering RWA Market appeared first on BeInCrypto.

Why It Matters

Neither fund has held the lead for long, and that instability is itself notable. It suggests institutions are actively comparing competing Treasury products rather than settling on a single default option.

The bigger question is whether institutional interest stays confined to government bond products. It could instead spread into other parts of on-chain finance.

Details

A Fast-Changing Leaderboard

That structure has made them a popular option for institutions parking idle cash or posting yield-bearing collateral.

USYC only briefly held the top spot. The fund grew from about $600 million to nearly $3 billion over the past year.

It reached roughly $2.9 billion by late August, edging past BUIDL’s $2.7 billion, according to Token Terminal data. It then lost the lead again this week.

Why the Swap Matters

So far, the growth has stayed concentrated in Treasuries, even as the broader real-world asset (RWA) sector expands.