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BlackRock’s BUIDL has reclaimed the top position among tokenized U.S. Treasury funds, reaching a market capitalization of about $2.8 billion. Token Terminal data cited on August 31 shows the fund accounting for roughly 18.5% of the $15.1 billion tokenized Treasury market, narrowly ahead of Circle’s USYC.
The change follows a brief period in which USYC moved ahead of BUIDL. By late August, USYC had reached roughly $2.9 billion while BUIDL stood near $2.7 billion, before the ranking shifted again.
BUIDL Returns to Top of Tokenized Treasury Rankings
BUIDL, the BlackRock USD Institutional Digital Liquidity Fund, launched in March 2024 and is tokenized through Securitize. The fund is designed for qualified investors and invests in cash, short-term U.S. Treasury obligations and repurchase agreements backed by those securities.
Fund shares are represented on public blockchains, with BUIDL structured to maintain a $1 share value while distributing accrued income to eligible investors. Transfers are limited to eligible, pre-approved participants. BlackRock’s Samara Cohen previously said:
“BUIDL was designed to bring tokenization benefits to short-term Treasury exposure, allowing qualified investors to earn US dollar yields on blockchain rails.”
Tokenized Treasury Market Reaches $15.1 Billion
The wider tokenized Treasury category has grown to approximately $15.1 billion, according to Token Terminal data cited in the latest market figures. BUIDL’s roughly $2.8 billion capitalization gives it about 18.5% of that total, although recent changes between BUIDL and USYC show that the rankings can shift as fund assets change.
During 2026, BUIDL expanded into additional institutional use cases, including an April collateral framework involving OKX and Standard Chartered and a July deployment on the Tempo blockchain. Those developments extend the fund beyond its original Ethereum deployment while adding infrastructure for institutional use of tokenized Treasury assets.
BUIDL’s return to the top spot comes as competition among tokenized cash and Treasury products continues to increase. Whether BUIDL maintains its lead will depend on subsequent asset flows as USYC and other tokenized Treasury products continue competing for investor capital.
