Circle’s USYC Dethrones BlackRock BUIDL as Top Tokenized Treasury Product

Key Takeaways USYC, Circle’s tokenized Treasury product, has expanded to $2.2 billion in supply, surpassing BlackRock’s BUIDL fund BUIDL’s dominance has declined significantly, with market share dropping from 46% at its height to approximately 18% A partnership with Binance enabled USYC to serve as off-exchange collateral on BNB Chain, resulting in $1.84 billion deployed on that blockchain Tokenized U.S. Treasury products have reached an all-time high of $11 billion in total value, climbing 27% year-to-date Market expansion intensified throughout January’s crypto market correction as traders sought yield-generating blockchain-based instruments In a significant milestone for blockchain-based financial products, Circle’s USYC token has claimed the top position among tokenized U.S. Treasury offerings, displacing BlackRock’s BUIDL fund from its leading role. This development signals an evolution in the rapidly expanding sector focused on bridging traditional finance with distributed ledger technology. USYC’s total supply has reached approximately $2.2 billion, based on analytics from RWA.xyz. This volume exceeds BlackRock’s USD Institutional Digital Liquidity Fund, which currently maintains around $2 billion in assets under management. Source: RWA.xyz The USYC product came under Circle’s control in early 2025 following the company’s acquisition of Hashnote, which originally created the token. This investment vehicle provides holders with access to yields from U.S. Treasury securities while maintaining the benefits of blockchain-based asset management. BlackRock introduced BUIDL to the market in early 2024 through a collaboration with Securitize, a specialized tokenization platform. During its strongest period in May 2024, BUIDL commanded 46% of the entire tokenized Treasury sector. However, increased competition has reduced that figure to roughly 18% today. These tokenized Treasury products function by converting U.S. government debt instruments into digital tokens d...