Blackrock Reclaims Throne with $2.8B BUIDL Fund

Blackrock's BUIDL fund has regained its position as the largest tokenized U.S. Treasury product, surpassing Circle's USYC. With approximately $2.8 billion in assets under management, BUIDL now holds about 18.5% of the $15.1 billion tokenized Treasury market. This marks a significant milestone for Blackrock and Securitize, which manages BUIDL across eight blockchains.

Securitize's asset servicing fees have contributed to its record first-quarter revenue in 2026. The company has leaned heavily into the BUIDL relationship, listing on the NYSE and expanding its infrastructure around the fund. Circle's USYC briefly overtook BUIDL in March but was unable to maintain its lead.

The tokenized Treasury market continues to grow, with new entrants like Franklin Templeton and Ondo Finance vying for institutional demand. While Blackrock has reclaimed its top spot, the competition remains fierce, with every basis point of market share representing real money moving onto public blockchains.