BlackRock's BUIDL Fund Regains Lead in Tokenized US Treasury Market

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

Market Share and Size

According to Token Terminal, the tokenized Treasury market totals about $15.1 billion. BUIDL’s $2.8 billion valuation represents approximately 18.5% of that total, placing it narrowly ahead of Circle’s USYC fund.

Product Overview

Tokenized Treasury funds allow institutions to hold short‑term US government debt on a blockchain, enabling near‑continuous settlement compared with the multi‑day cycles of traditional bond markets. BUIDL is BlackRock’s USD Institutional Digital Liquidity Fund, issued by Securitize. USYC represents a share in Circle’s Hashnote‑based fund, which Circle integrated into its stablecoin operations after acquiring Hashnote in 2025.

Recent Shifts

USYC briefly overtook BUIDL, growing from about $600 million to nearly $3 billion over the past year and reaching roughly $2.9 billion by late August. However, BUIDL regained the lead this week.

Implications for the RWA Sector

The rapid changes in leadership suggest active institutional comparison of tokenized Treasury products, indicating a maturing market that is no longer dominated by a single early mover. While growth remains concentrated in Treasury tokens, the broader real‑world asset (RWA) sector continues to expand.