BlackRock's tokenized US Treasury fund BUIDL has climbed back to roughly $2.8 billion in assets, reclaiming the top spot in the tokenized Treasury market after briefly losing it to Circle's USYC. The fund now holds a comfortable lead as the broader market grows to an estimated $15 billion to $16 billion.
BlackRock's tokenized US Treasury fund, BUIDL, is back on top. Built and managed through Securitize's platform, the fund has climbed to roughly $2.8 billion in assets under management, reclaiming its position as the largest tokenized Treasury product on the market.
How BUIDL lost its crown, then took it back
The fund launched on March 20, 2024, and spent most of its life as the undisputed leader in tokenized Treasuries. That changed in March 2026, when Circle's USYC briefly overtook it in total assets. Continued inflows then pushed BUIDL back to the front of the pack by mid-2026, and at various points the fund commanded between 40% and 46% of the entire tokenized Treasury market.
The broader tokenized US Treasury market itself has ballooned to an estimated $15 billion to $16 billion, making BUIDL's roughly $2.8 billion slice still significant even as firms like Ondo and Franklin Templeton carve out their own positions.
What BUIDL actually does
BUIDL, formally called the USD Institutional Digital Liquidity Fund, holds short-term US Treasuries, cash, and repurchase agreements, and it targets a net asset value of $1.00 per token. Investors earn yield that currently ranges between 3.4% and 4.5% APY depending on prevailing market rates, accruing daily and paid out monthly as additional tokens through a rebasing model.
The fund operates across multiple blockchains, including Ethereum, Solana, Aptos, and BNB Chain, with onboarding requiring KYC and AML checks handled through Securitize's infrastructure. Platforms like Deribit and Crypto.com now accept BUIDL tokens as collateral for trading positions, letting investors use them in derivatives markets without liquidating the underlying position. Cumulative dividends paid by the fund have crossed the $100 million mark.
Securitize's role in the bigger picture
Securitize, which handles the compliance, onboarding, and technical infrastructure behind BUIDL, went public on the NYSE in 2026. Franklin Templeton was one of the earliest traditional finance players to tokenize a money market fund, launching its on-chain product before BUIDL existed, while Ondo Finance has built a strong position among crypto-native investors. Circle's USYC proved it could challenge BUIDL's dominance, even if only temporarily.
Source: Crypto Briefing
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