Blackrock Reclaims Tokenized Treasury Crown with $2.8B BUIDL Fund

Blackrock's BUIDL has reclaimed its position as the largest tokenized Treasury fund in the world, reaching $2.8 billion in assets under management. This puts it ahead of Circle's USYC by a narrow margin, with BUIDL making up approximately 18.5% of the entire $15.1 billion tokenized Treasury market.

BUIDL was launched in March 2024 as Blackrock's first tokenized fund, built and administered by Securitize. The fund targets a stable $1 net asset value and accrues yield daily through a rebase mechanism, effectively turning a money-market fund into something that trades and settles like a crypto asset around the clock.

The fund's underlying holdings are conservative, consisting of cash, short-term U.S. Treasury bills, and repurchase agreements. This is likely why Moody's assigned BUIDL a top AAA-mf rating earlier this year. Securitize has also benefited from its relationship with Blackrock, posting record first-quarter 2026 revenue on the back of asset-servicing fees tied largely to Blackrock's fund.

While BUIDL's lead is real, it is fragile. Circle's USYC briefly overtook it in March, and the broader tokenized Treasury market has continued to grow, with new entrants like Franklin Templeton and Ondo Finance chipping away at the same pool of institutional demand. Tokenized Treasuries are not a crypto bet; they are traditional government debt wrapped in blockchain infrastructure.