Circle has moved ahead of BlackRock in the tokenized U.S. Treasury market. Data from RWA.xyz shows Circle’s USYC supply has expanded to about $2.2 billion, putting it above BlackRock’s USD Institutional Digital Liquidity Fund, or BUIDL, which was issued with Securitize and now holds roughly $2 billion in assets.
BUIDL once commanded a 46% market share at its peak in May, but that figure has fallen to 18% as competition intensified and new products entered the sector. Circle entered the tokenized fund business after acquiring Hashnote, the issuer of USYC, in early 2025, and the token’s recent growth has now pushed it into the top spot.
BNB Chain activity drove much of USYC’s latest rise
A closer look at the data points to BNB Chain as a major source of that expansion. Binance introduced USYC as off-exchange collateral for institutional derivatives trading, opening a new channel for adoption. Under that setup, USYC can be held with partner banks through Binance Banking Triparty or with Ceffu, Binance’s institutional custody platform.
Since the July launch, USYC supply on BNB Chain has climbed to $1.84 billion. Circle CEO Jeremy Allaire said in a Friday post on X that tokenized Treasuries and repo used as collateral represent a major emerging use case, adding that the pace of growth has been rapid.
The broader sector has reached a fresh record
The wider tokenized Treasury market is also expanding quickly. According to RWA.xyz, the sector has now grown to more than $11 billion, setting a new all-time high. Since the start of the year, total market value has increased by about $2.5 billion, or roughly 27%.
Products tied to real-world assets such as Treasury bills and money-market funds are drawing interest from crypto traders and institutional investors that want yield-bearing collateral or a place to hold onchain cash. Blockchain-based instruments also offer near-instant settlement, transparent reserves, and 24/7 access, features that differ from traditional financial rails.
They also give investors a way to earn interest while using the same assets as collateral in trading strategies, which can improve capital efficiency relative to holding stablecoins or cash alone. RWA.xyz data shows the market’s growth picked up during January’s crypto downturn, a sign that some investors may have shifted capital into tokenized Treasuries while waiting to redeploy funds into digital assets.