BlackRock’s BUIDL fund has become the second-largest tokenized U.S. Treasury fund, overtaking Circle’s USYC amid a rapidly growing market for tokenized real-world assets. The entire tokenized Treasury market is valued at approximately $15.1 billion. BUIDL holds roughly $2.8 billion, representing about 18.5% of the market. USYC experienced explosive growth in 2025, rising from $600 million to nearly $3 billion. By late August 2026, USYC reached around $2.9 billion, slightly above BUIDL’s $2.7 billion. However, Sky’s uSDS leads at $4.4 billion, followed by BUIDL at $2.28 billion, with Tether’s XAUT (a tokenized commodity) at $2.8 billion and Circle’s USYC at $2.28 billion. The narrow margins mean institutional inflows or withdrawals could quickly shift rankings.
BlackRock’s BUIDL fund has overtaken Circle’s USYC to become the second largest tokenized U.S. Treasury fund. According to Token Terminal data, the total tokenized U.S. Treasury market is worth about $15.1 billion. BUIDL currently holds around $2.8 billion, giving it approximately 18.5% of the market.
USYC experienced very rapid growth in 2025, increasing from roughly $600 million to nearly $3 billion. By late August 2026, USYC reached around $2.9 billion, slightly above BUIDL’s approximately $2.7 billion. At press time, Sky’s uSDS ranked on top with $4.4 billion, followed by BUILD with $2.28 billion. Tether’s XAUT was third at $2.8 billion, and Circle’s USYC was fourth with $2.28 billion. XAUT falls under tokenized commodities, not tokenized funds.
The narrow margins between BUILD and USYC mean new institutional inflows or withdrawals can quickly change the current game. BlackRock typically records the highest inflows and outflows across Bitcoin and Ethereum ETF flows, so this outpacing may or may not last long.
This development coincided with BlackRock launching tokenized money market funds BSTBL on Ethereum and BRSRV on Solana. These funds are designed to serve as reserve assets for stablecoins. Stablecoins now represent roughly $305 billion, making them a major source of on-chain liquidity. By offering the same institutional product on both Ethereum and Solana, BlackRock is giving capital access to both ecosystems while reinforcing the competition between ETH and SOL for liquidity.
