BlackRock BUIDL reclaims lead in tokenized U.S. Treasury market

BlackRock’s tokenized fund, the USD Institutional Digital Liquidity Fund (BUIDL), has reclaimed its position as the leading product in the tokenized U.S. Treasury market. With assets under management reaching approximately $2.8 billion, BUIDL now accounts for an estimated 18.5% of the total $15.1 billion tokenized Treasury market.

This shift follows a period where Circle’s USYC held the top spot, growing to nearly $2.9 billion before BUIDL regained the lead due to recent capital inflows and fluctuations in USYC’s assets. The competition between these products highlights a maturing market where institutional investors actively compare different tokenized options to manage liquidity and earn yield on-chain.

BUIDL is managed by BlackRock with issuance and transfer support from Securitize. The fund invests in cash, short-term U.S. Treasuries, and repurchase agreements, aiming for a stable net asset value of $1 per token. To increase accessibility, BUIDL has expanded its support across multiple blockchains, including Ethereum, Solana, Avalanche, and Aptos.