BUIDL again largest tokenized Treasury fund in the world

BlackRock’s BUIDL is once again the world’s largest tokenized US Treasury fund. According to data from Token Terminal, the fund, issued via Securitize, has a market value of approximately $2.8 billion. This means BUIDL represents 18.5% of the total market for tokenized US government bonds, which is now worth $15.1 billion. Circle’s USYC is thus narrowly pushed from the top position.

In brief:

• BUIDL has a market value of $2.8 billion and is once again the largest tokenized Treasury fund
• The total market for tokenized US government bonds stands at $15.1 billion, an increase of more than 15.000% compared with the starting point
• Circle’s USYC and USDY follow in second and third place with $2.8 billion and $2.1 billion respectively

Tokenized government bond market growing strongly

The market for tokenized US government bonds has seen remarkable growth. Token Terminal shows that the total market value has risen by more than 15.028% compared with the starting point. Where the market was virtually nil in 2024, the counter now stands at $15.1 billion.

BUIDL grew into the dominant product in this segment during that period. The fund is issued by Securitize and offers investors exposure to short-term US government bonds via the blockchain.

Narrow victory over Circle’s USYC

The battle for the top position is close. Circle’s USYC also stands at $2.8 billion and closely follows BUIDL. In third place is USDY with $2.1 billion, followed by iBENJI with $1.7 billion and WTGXX with $1.0 billion.

The rise of tokenized government bonds fits a broader trend in which traditional financial products are increasingly offered via blockchain. The strong growth of this segment shows that institutional interest in this type of product has increased considerably in recent years.