BlackRock BUIDL Reclaims Top Spot in $15B Tokenized US Treasury Market
BlackRock’s BUIDL fund has dethroned Circle’s USYC to regain the top spot in the $15.1 billion tokenized U.S. Treasury market. Holding $2.8 billion in assets, BUIDL now commands an 18.5% market share as Wall Street giants compete for institutional yield dominance. The back-and-forth movement signals a maturing real-world asset ecosystem where idle cash is actively rotated on-chain.
BlackRock’s tokenized Treasury vehicle BUIDL is back on top, commanding $2.8 billion in assets and taking an 18.5% share of the total $15.1 billion tokenized government debt market. Issued via Securitize, the fund flipped Circle’s USYC after a brief spell in second place.
The ongoing game of institutional leapfrog highlights how aggressively Wall Street giants are fighting for yield-bearing capital on-chain. Circle’s USYC had briefly surged past $2.9 billion before BUIDL reclaimed the throne, showing institutions actively rotate capital rather than sticking to a single default option.
Tokenized Treasuries offer 24/7 settlement and instant collateral efficiency, making them the primary entry point for institutional cash moving into real-world assets. The fierce battle between BlackRock and Circle confirms that institutional asset tokenization is rapidly maturing into a heavily contested arena.