BlackRock Overtakes Circle in Tokenized Treasury Fund Race

BlackRock's tokenized treasury fund, BUIDL, has narrowly overtaken Circle's USYC in market value, according to recent data from Token Terminal. This marks a significant development in the growing market for tokenized real-world assets (RWAs).

The entire tokenized U.S. Treasury market is worth around $15.1 billion, with BUIDL accounting for approximately 18.5% of that total, or around $2.8 billion.

USYC, on the other hand, experienced rapid growth in 2025, increasing from roughly $600 million to nearly $3 billion. However, at press time, Sky's uSDS was ranking on top, worth $4.4 billion, followed by BUILD with $2.28 billion.

BlackRock recently launched its tokenized money market funds, BSTBL on Ethereum and BRSRV on Solana, designed to serve as reserve assets for stablecoins. This move has given capital access to both ecosystems, further reinforcing the ETH vs. SOL competition for liquidity.