BlackRock’s BUIDL Retakes Top Spot Among Tokenized US Treasury Funds With $2.8 Billion Market Cap

BlackRock’s tokenized US Treasury fund BUIDL has retaken the top spot in the market, with a market capitalization of about $2.8 billion, narrowly surpassing Circle’s USYC.

Token Terminal data cited by Wu Blockchain on Aug. 30 showed BUIDL, issued by Securitize, had a market capitalization of about $2.8 billion. That represented 18.5% of the $15.1 billion tokenized US Treasury fund market.

BUIDL has again become the largest tokenized US Treasury fund by market capitalization, edging out Circle’s tokenized Treasury product USYC.

BUIDL is a tokenized fund designed to provide on-chain exposure to traditional financial assets such as US Treasuries. Securitize handles issuance and operations, and the product is based on BlackRock’s USD Institutional Digital Liquidity Fund.

The tokenized US Treasury fund market has grown to $15.1 billion, according to Token Terminal. With BUIDL and USYC competing for the lead, the market for tokenized products backed by US Treasuries is also expanding within the real-world asset, or RWA, sector.