Tokenized U.S. Treasuries Surge 53.62% to $6.16 Billion

Tokenized U.S. treasuries have reached a new all-time high of $6.16 billion in value, reflecting a significant surge in institutional interest and confidence in blockchain technology as a tool for modernizing fixed-income markets. This growth is particularly notable given that the value of tokenized U.S. treasuries on the blockchain was $4.01 billion in January 2025, marking a 53.62% increase to the current value.

The market for tokenized U.S. treasuries is dominated by a select few entities. Six funds—BlackRock’s BUIDL, Franklin Templeton’s BENJI, Superstate’s USTB, Ondo’s USDY, Circle’s USYC, and Ondo’s OUSG—control a staggering 88% of all tokenized U.S. treasuries. This concentration of market power underscores the dominance of these major players in the tokenized real-world asset market.

BlackRock’s BUIDL fund stands out as the industry leader, with a market capitalization of $2.5 billion, making it 360% larger than the next biggest fund. BUIDL, representing the USD Institutional Digital Liquidity Fund, has seen rapid adoption, growing by 291% from January 1 to April 26, 2025. This growth has positioned BUIDL as a significant player, accounting for 41% of the total market. Ethereum is the primary blockchain for BUIDL, holding 91% of its total supply, or nearly $2.30 billion. Other networks supporting BUIDL include Aptos, Avalanche, and Polygon.

Franklin Templeton’s BENJI follows with a market cap of $706.78 million, while Superstate’s USTB has a market cap of $652.32 million. Superstate’s USTB has seen a significant rise in market capitalization, increasing by 57.99% over the past thirty days. Ondo’s USDY has a market cap of $586 million, Circle’s USYC has a market cap of $487 million, and Ondo’s OUSG holds assets worth $424 million.

The dominance of these six entities highlights a trend of market concentration, where a few major players control a significant portion of the tokenized U.S. treasuries market. This trend is indicative of the growing institutional interest in blockchain technology and its potential to revolutionize traditional financial markets. The rapid growth and adoption of tokenized U.S. treasuries suggest that blockchain-based financial instruments are gaining traction among institutional investors, who are increasingly recognizing the benefits of blockchain technology in terms of transparency, security, and efficiency.