BlackRock, five others account for 88% of all tokenized treasury issuance

New information from RWA.xyz, a level tracking tokenized real-world assets, shows that six entities are liable for 88% of each tokenized US Treasurys. The information suggests a attraction among a fewer funds arsenic the marketplace continues to develop.

The largest issuer of tokenized treasures continues to beryllium BlackRock. The company's tokenized US treasury fund, called BUIDL, has a marketplace capitalization of $2.5 billion, 360% higher than its nearest competitor. BlackRock disclosed a full of $11.6 trillion successful assets nether absorption successful the archetypal 4th of 2025.

Rounding retired the apical six are Franklin Templeton’s BENJI, with a marketplace capitalization of $707 million, Superstate’s USTB astatine $661 million, Ondo’s USDY astatine $586 million, Circle’s USYC astatine $487 million, and Ondo’s OUSG money holding assets worthy $424 million. Together, those six funds relationship for 88% of each tokenized treasuries issued.

A illustration of the apical six tokenized treasury funds by marketplace cap. Source: RWA.xyz

According to RWA.xyz data, the largest tokenized treasury funds person seen consolidation since the opening of 2025. Of the apical six funds, lone Circle’s USYC experienced a diminution successful marketplace headdress implicit the past fewer months.

Notably, BUIDL’s marketplace headdress accrued by 291% from Jan. 1 to April 24. It present makes up 41.1% of the full tokenized US Treasurys marketplace cap.

Tokenized treasury funds marketplace headdress implicit clip graph. Source: RWA.xyz

Centralization of tokenized RWAs has a acheronian side: MEXC

According to Tracy Jin, main operating serviceman of MEXC, the centralization of tokenized real-world assets has a acheronian side, particularly if those RWAs are connected permissioned oregon semi-centralized blockchains.

"Most tokenized assets volition beryllium issued connected permissioned oregon semi-centralized blockchains,” Jin told Cointelegraph. “This gives authorities the powerfulness to contented restrictions oregon confiscate assets. The tokenization of assets specified arsenic existent property oregon bonds is inactive tied to the nationalist ineligible system."

The tokenized real-world plus marketplace is expected to boom successful 2025. The inclination is driven by regulatory clarity, interoperability, solutions for liquidity, the improvement of individuality from carnal to digital, and adjacent fractional ownership. According to RWA.xyz, the assemblage full marketplace headdress reached a precocious of $21.3 cardinal connected April 21.

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