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Circle’s USYC tokenized U.S. Treasury money has grown to $2.2 billion, surpassing BlackRock’s BUIDL money arsenic investors progressively question onchain output and collateral.
Mar 13, 2026, 7:41 p.m.
The fast-growing marketplace for tokenized U.S. Treasuries has a caller leader.
Circle (CRCL), champion known arsenic the issuer of the USDC (USDC) stablecoin, has go the largest supplier of tokenized Treasury vulnerability aft its USYC token expanded to astir $2.2 cardinal successful supply, according to RWA.xyz data.
That maturation pushed USYC past BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) – issued with tokenization specializer Securitize – which presently holds astir $2 cardinal successful assets. BUIDL's marketplace stock shrank to 18% from a 46% highest successful May arsenic contention accrued with caller entrants.
Tokenized U.S. Treasury marketplace (RWA.xyz)Tokenized real-world assets specified arsenic Treasury bills and money-market funds are gaining traction among crypto traders and organization investors arsenic yield-generating collateral and a instrumentality to parkland onchain cash. Unlike accepted fiscal infrastructure, blockchain-based tokens let near-instant settlement, transparent reserves and round-the-clock access.
Treasury-backed tokens besides connection an further advantage: they let investors to gain involvement portion utilizing the assets arsenic collateral successful trading strategies, perchance improving superior ratio compared with holding stablecoins oregon cash.
Circle entered the tokenized money marketplace aft acquiring Hashnote, the issuer of USYC, successful aboriginal 2025.
BUIDL issuer Securitize did not instrumentality a petition for remark by property time.
A booming market
A deeper dive into the information shows that overmuch of USYC’s caller enlargement appears to beryllium linked to enactment connected BNB Chain, wherever crypto speech elephantine Binance introduced the token arsenic off-exchange collateral for organization derivatives trading.
Under the structure, USYC tin beryllium held with spouse banks done Binance Banking Triparty oregon with Ceffu, Binance’s organization custody platform.
Since the motorboat successful July, USYC proviso connected BNB swelled to $1.84 billion, information shows.
"Tokenized treasuries and repo arsenic collateral is simply a large emerging usage lawsuit and we are arrogant of however rapidly this has grown," Circle CEO Jeremy Allaire said Friday successful a post connected X.
The broader tokenized Treasury marketplace is besides booming, hitting a caller grounds precocious of implicit $11 billion, according to information from RWA.xyz. The assemblage added astir $2.5 cardinal successful marketplace value, immoderate 27%, since the commencement of the year.
The maturation accelerated during January’s crypto marketplace downturn, suggesting immoderate investors whitethorn beryllium parking superior successful tokenized Treasuries to gain a dependable output portion waiting for opportunities to redeploy funds into integer assets.
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