BlackRock and six others control 88% of tokenized US treasuries

• BlackRock’s BUIDL has grown by 291% from the first of January to the twenty sixth of April 2025.
• Six funds named BUIDL, BENJI, USTB, USDY, USYC, and OUSG are controlling 88% of all tokenized U.S. treasuries.

Amid the booming tokenized real-world asset market, it seems that just a few main gamers are controlling the general market.

In accordance with knowledge from the real-world asset platform rwa.xyz, tokenized U.S. treasuries have now reached a brand new all-time excessive of $6.16 billion in worth.

These entities management 88% of the tokenized U.S. treasuries

Tokenized U.S. treasuries on the blockchain have been valued at $4.01 billion in January 2025. Since then, their worth has surged by 53.62%, reaching $6.16 billion.

This sharp enhance highlights rising institutional curiosity and confidence in blockchain as a device for modernizing fixed-income markets.

The info additionally reveals that six entities—BlackRock BUIDL, Franklin Templeton BENJI, Superstate USTB, Ondo USDY, Circle USYC, and Ondo OUSG—management 88% of all tokenized U.S. treasuries.

BlackRock BUIDL leads the pack

BlackRock’s BUIDL, representing the USD Institutional Digital Liquidity Fund, has emerged because the trade chief in blockchain-based U.S. treasuries. It holds a market capitalization of $2.5 billion, making it 360% bigger than the following largest fund.

The opposite high contenders are:

• Franklin Templeton’s BENJI, with a market cap of $706.78 million
• Superstate’s USTB, with a market cap of $652.32 million
• Ondo’s USDY, with a market cap of $586 million
• Circle’s USYC, with a market cap of $487 million
• Ondo’s OUSG, holding property price $424 million

Collectively, these six funds management 88% of all tokenized U.S. treasuries issued, underscoring their dominance within the house.

Supply: rwa.xyz

Superstate’s USTB posts speedy progress

Superstate’s USTB has seen a big rise in market capitalization, rising by 57.99% over the previous thirty days.

In the meantime, BlackRock’s BUIDL has skilled speedy adoption, rising by 291% from the first of January to the twenty sixth of April 2025, and now accounts for 41% of the entire market.

Information exhibits Ethereum is the first blockchain for BUIDL, holding 91% of its complete provide, or practically $2.30 billion. Different networks supporting BUIDL embody Aptos[APT] ($53.30 million), Avalanche[AVAX] ($52.80 million), and Polygon [POL] ($33.10 million).

Launched in March 2024, BUIDL gives each day dividends derived from short-term U.S. Treasury investments.

Every BUIDL token is totally backed by U.S. {dollars}, delivering Treasury-like returns whereas functioning equally to a stablecoin.