BlackRock's BUIDL Retakes Top Spot in Tokenized Treasuries With $2.8B Market Cap

BlackRock's tokenized U.S. Treasury fund, BUIDL, has regained the top spot among tokenized Treasury products, with a market cap of roughly $2.8 billion. According to Token Terminal, BUIDL now accounts for about 18.5% of the $15.1 billion tokenized Treasury market, narrowly ahead of Circle's USYC. The $15.1 billion total represents the combined size of the tokenized Treasury market tracked by that data provider. USYC had briefly overtaken BUIDL in late August, reaching roughly $2.9 billion versus BUIDL's $2.7 billion, but it lost the lead again this week. The close race between the two funds has meant the top position has changed hands more than once in the past month. Both funds are among the largest in the tokenized Treasury category. Tokenized Treasury funds allow institutions to hold short-term U.S. government debt on a blockchain and offer around-the-clock settlement. That makes them a popular option for institutions seeking to park idle cash or provide yield-bearing collateral. The story was originally reported by BeInCrypto and carried via Techub News.