BlackRock’s BUIDL Reclaims Top Spot for Tokenized Treasuries, Bolstering RWA Market
BlackRock’s tokenized US Treasury fund, BUIDL, has reclaimed the highest spot amongst merchandise of its type, with a market capitalization of roughly $2.8 billion.
Token Terminal information exhibits BUIDL now holds about 18.5% of the $15.1 billion tokenized Treasury market, narrowly forward of Circle’s USYC.
A Fast-Changing Leaderboard
Tokenized Treasury funds let establishments maintain short-term US authorities debt on a blockchain. Settlement occurs across the clock, as a substitute of the multi-day cycles typical of conventional bond markets.
That construction has made them a well-liked choice for establishments parking idle money or posting yield-bearing collateral.
USYC solely briefly held the highest spot. The fund grew from about $600 million to just about $3 billion over the previous yr.
It reached roughly $2.9 billion by late August, edging previous BUIDL’s $2.7 billion, based on Token Terminal data. It then misplaced the lead once more this week.
BUIDL is BlackRock’s USD Institutional Digital Liquidity Fund, administered by Securitize. USYC, in the meantime, represents a share in Circle’s Hashnote-based fund, which Circle folded into its stablecoin enterprise after acquiring Hashnote in 2025.
Why the Swap Matters
Neither fund has held the lead for lengthy, and that instability is itself notable. It suggests establishments are actively evaluating competing Treasury merchandise moderately than deciding on a single default choice.
That competitors indicators this nook of the tokenized asset market is maturing into a real, contested class. It is not a distinct segment dominated by a single early mover.
The greater query is whether or not institutional curiosity stays confined to authorities bond merchandise. It may as a substitute unfold into different components of on-chain finance.
So far, the expansion has stayed concentrated in Treasuries, even because the broader real-world asset (RWA) sector expands.
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