BlackRock's BUIDL Reclaims Top Spot for Tokenized Treasuries, Bolstering RWA Market

BlackRock's tokenized US Treasury fund, BUIDL, has reclaimed the top spot among products of its kind, with a market capitalization of roughly $2.8 billion.

Token Terminal data shows BUIDL now holds about 18.5% of the $15.1 billion tokenized Treasury market, narrowly ahead of Circle's USYC.

A Fast-Changing Leaderboard

Tokenized Treasury funds let institutions hold short-term US government debt on a blockchain. Settlement happens around the clock, instead of the multi-day cycles typical of traditional bond markets.

That structure has made them a popular option for institutions parking idle cash or posting yield-bearing collateral.

USYC only briefly held the top spot. The fund grew from about $600 million to nearly $3 billion over the past year.

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