Circle overtakes BlackRock as tokenized Treasuries top $11 billion

Circle’s USYC tokenized U.S. Treasury fund has expanded to about $2.2 billion in supply, making it the largest provider of tokenized Treasury exposure and passing BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which holds around $2 billion, RWA.xyz data shows.

Tokenized Treasury assets are drawing crypto traders and institutional investors as yield-generating collateral and a place to park onchain cash. Blockchain-based tokens enable near-instant settlement, transparent reserves and round-the-clock access, while allowing holders to earn interest and use the assets as collateral to improve capital efficiency.

The broader market hit a record above $11 billion, adding roughly $2.5 billion, or about 27%, since the start of the year. Much of USYC’s recent expansion ties to activity on BNB Chain, where Binance introduced the token as off-exchange collateral for institutional derivatives.

United States

circle, usyc, blackrock, buidl, tokenized treasuries, tokenized assets, rwa.xyz, bnb chain, binance, institutional investors