- BlackRock’s BUIDL has grown by 291% from the first of January to the twenty sixth of April 2025.
- Six funds named BUIDL, BENJI, USTB, USDY, USYC, and OUSG are controlling 88% of all tokenized U.S. treasuries.
Amid the booming tokenized real-world asset market, it seems that just a few main gamers are controlling the general market.
Based on information from the real-world asset platform rwa.xyz, tokenized U.S. treasuries have now reached a brand new all-time excessive of $6.16 billion in worth.
These entities management 88% of the tokenized U.S. treasuries
Tokenized U.S. treasuries on the blockchain had been valued at $4.01 billion in January 2025. Since then, their worth has surged by 53.62%, reaching $6.16 billion.
This sharp improve highlights rising institutional curiosity and confidence in blockchain as a software for modernizing fixed-income markets.
The information additionally reveals that six entities—BlackRock BUIDL, Franklin Templeton BENJI, Superstate USTB, Ondo USDY, Circle USYC, and Ondo OUSG—management 88% of all tokenized U.S. treasuries.
BlackRock BUIDL leads the pack
BlackRock’s BUIDL, representing the USD Institutional Digital Liquidity Fund, has emerged because the trade chief in blockchain-based U.S. treasuries. It holds a market capitalization of $2.5 billion, making it 360% bigger than the following largest fund.
The opposite high contenders are:
- Franklin Templeton’s BENJI, with a market cap of $706.78 million
- Superstate’s USTB, with a market cap of $652.32 million
- Ondo’s USDY, with a market cap of $586 million
- Circle’s USYC, with a market cap of $487 million
- Ondo’s OUSG, holding belongings price $424 million
Collectively, these six funds management 88% of all tokenized U.S. treasuries issued, underscoring their dominance within the house.
Supply: rwa.xyz
Superstate’s USTB posts speedy progress
Superstate’s USTB has seen a big rise in market capitalization, growing by 57.99% over the previous thirty days.
In the meantime, BlackRock’s BUIDL has skilled speedy adoption, rising by 291% from the first of January to the twenty sixth of April 2025, and now accounts for 41% of the full market.
Knowledge reveals Ethereum is the first blockchain for BUIDL, holding 91% of its complete provide, or practically $2.30 billion. Different networks supporting BUIDL embody Aptos[APT] ($53.30 million), Avalanche[AVAX] ($52.80 million), and Polygon [POL] ($33.10 million).
Launched in March 2024, BUIDL gives each day dividends derived from short-term U.S. Treasury investments.
Every BUIDL token is totally backed by U.S. {dollars}, delivering Treasury-like returns whereas functioning equally to a stablecoin.