BlackRock’s BUIDL Reclaims Top Spot in Tokenized Treasuries at $2.8B
BlackRock’s BUIDL has retaken the lead among tokenized U.S. Treasury funds, with market capitalization rising to about $2.8 billion, according to Token Terminal data shared on X. The figure puts BUIDL at roughly 18.5% of the $15.1 billion tokenized Treasury market and narrowly ahead of Circle’s USYC.
Securitize’s BUIDL has retaken its position as the largest tokenized U.S. Treasury fund
At $2.8B in market cap, BUIDL accounts for 18.5% of the $15.1B market and is now narrowly ahead of Circle's USYC pic.twitter.com/f4cdQ6h7EM
— Token Terminal 📊 (@tokenterminal) August 30, 2026
The update marks a change at the top of a fast-moving category rather than a broader shift in the market structure. BUIDL, administered by Securitize, briefly lost the No. 1 position before regaining it as its market value climbed back toward the $2.8 billion level.
A narrow lead in a growing segment
Tokenized Treasury funds give investors blockchain-based exposure to short-term U.S. government debt. In this segment, the top ranking has been moving as products have grown at different speeds, with BUIDL and USYC trading places around the upper end of the leaderboard.
USYC had recently pushed ahead after rising to around $2.9 billion, before slipping back behind BUIDL. The latest reading places the two funds close to each other, with BUIDL holding the slight edge for now.
BlackRock’s product is formally known as the USD Institutional Digital Liquidity Fund. Securitize handles issuance and operations, while Circle’s USYC represents a competing tokenized Treasury offering in the same market.
The broader tokenized Treasury market now stands at $15.1 billion, according to the data cited by Token Terminal. That total gives BUIDL a large share of a category that remains relatively concentrated at the top, even as more issuers compete for capital.
