Recent developments in the tokenized U.S. treasury market indicate a highly concentrated control among a handful of entities. As of now, six major funds—BlackRock BUIDL, Franklin Templeton BENJI, Superstate USTB, Ondo USDY, Circle USYC, and Ondo OUSG—account for an astounding 88% of this market, which is valued at approximately $6.16 billion.
The value of tokenized U.S. treasuries saw a remarkable increase from $4.01 billion in January 2025, reflecting a 53.62% surge over a few months. This growth demonstrates significant institutional interest in blockchain technology as a means to modernize fixed-income investments.
Leading the charge is BlackRock’s BUIDL, representing the USD Institutional Digital Liquidity Fund, which dominates the scene with a market capitalization of $2.5 billion—360% larger than its nearest competitor. The rest of the top players include Franklin Templeton’s BENJI at $706.78 million, Superstate’s USTB at $652.32 million, Ondo’s USDY at $586 million, Circle’s USYC at $487 million, and Ondo’s OUSG at $424 million.
Collectively, these funds illustrate a stronghold on the tokenized treasury landscape. Notably, Superstate’s USTB has recently achieved robust growth, with a 57.99% increase in market capitalization within the last thirty days.
Meanwhile, BlackRock’s BUIDL has demonstrated exceptional growth of 291% since January 1, 2025, now representing 41% of the total treasury market. BUIDL primarily operates on the Ethereum blockchain, holding 91% of its total supply, and is also supported by other networks such as Aptos, Avalanche, and Polygon.
Launched in March 2024, this fund offers daily dividends stemming from short-term U.S. Treasury investments, and each BUIDL token is fully backed by U.S. dollars, enabling it to deliver stable returns akin to traditional treasury investments.