Six entities control 88% of tokenized U.S. treasuries – Who are they?
Tokenized U.S. treasuries have now reached a new all-time high of $6.16 billion in value.
- BlackRock’s BUIDL has grown by 291% from the 1st of January to the 26th 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 appears that only a few major players are controlling the overall market.
According to data from the real-world asset platform rwa.xyz, tokenized U.S. treasuries have now reached a new all-time high of $6.16 billion in value.
These entities control 88% of the tokenized U.S. treasuries
Tokenized U.S. treasuries on the blockchain were valued at $4.01 billion in January 2025. Since then, their value has surged by 53.62%, reaching $6.16 billion.
This sharp increase highlights growing institutional interest and confidence in blockchain as a tool for modernizing fixed-income markets.
The data also reveals that six entities—BlackRock BUIDL, Franklin Templeton BENJI, Superstate USTB, Ondo USDY, Circle USYC, and Ondo OUSG—control 88% of all tokenized U.S. treasuries.
BlackRock BUIDL leads the pack
BlackRock’s BUIDL, representing the USD Institutional Digital Liquidity Fund, has emerged as the industry leader in blockchain-based U.S. treasuries. It holds a market capitalization of $2.5 billion, making it 360% larger than the next biggest fund.
The other top 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 assets worth $424 million
Collectively, these six funds control 88% of all tokenized U.S. treasuries issued, underscoring their dominance in the space.
Superstate’s USTB posts rapid growth
Superstate’s USTB has seen a significant rise in market capitalization, increasing by 57.99% over the past thirty days.
Meanwhile, BlackRock’s BUIDL has experienced rapid adoption, growing by 291% from the 1st of January to the 26th of April 2025, and now accounts for 41% of the total market.
Data shows Ethereum is the primary blockchain for BUIDL, holding 91% of its total supply, or nearly $2.30 billion. Other networks supporting BUIDL include Aptos[APT] ($53.30 million), Avalanche[AVAX] ($52.80 million), and Polygon [POL] ($33.10 million).
Launched in March 2024, BUIDL provides daily dividends derived from short-term U.S. Treasury investments.
Each BUIDL token is fully backed by U.S. dollars, delivering Treasury-like returns while functioning similarly to a stablecoin.
