BlackRock's BUIDL Takes Narrow Lead in Tokenized Treasury Market
BlackRock's tokenized U.S. Treasury fund, BUIDL, has surpassed Circle's USYC in market value, but not for long.
A recent update from Token Terminal shows that BUIDL has approximately $2.8 billion in assets under management, accounting for about 18.5% of the entire tokenized U.S. Treasury market, worth around $15.1 billion.
However, USYC quickly gained ground and briefly overtook BUIDL's value, reaching nearly $3 billion by late August 2026.
The two funds are now neck and neck, but Sky's uSDS currently holds the top spot with a market value of $4.4 billion, followed closely by Tether's XAUT at $2.8 billion.
BlackRock's recent launch of tokenized money market funds on Ethereum and Solana may have contributed to BUIDL's growth, but it remains to be seen how long this trend will last, given the company's history of high inflows and outflows.