Blackrock and Circle Lead Tokenized Treasuries as Market Value Climbs to $15.20B

Key Takeaways:

• rwa.xyz data shows tokenized Treasuries hit $15.20B in May; growth signals rising onchain demand.
• Circle’s USYC leads at $2.91B, while Blackrock BUIDL at $2.58B reflects institutional traction.
• Top 10 exceed $13.9B combined; multi-chain expansion may drive further adoption across networks.

Top 10 Tokenized Treasury Funds Exceed $13.9B as Institutional Demand Accelerates

Tokenized Treasuries continue to expand after moving past the $15 billion threshold in April. Data from rwa.xyz indicates that, across 71 assets, 58,658 unique addresses currently hold these onchain instruments. Based on market figures observed this weekend, the five leading tokenized U.S. Treasury products are headed by Circle’s USYC, which carries a total value of $2.91 billion.

USYC operates across three blockchains, including BNB, Ethereum, and Solana. The Blackrock USD Institutional Digital Liquidity Fund (BUIDL) follows in second position. The Securitize-issued asset is valued at $2.58 billion, reflecting an increase of nearly a percentage point from the prior week. BUIDL is hosted on eight unique blockchain networks according to rwa.xyz.

Rounding out the top five are Ondo U.S. Dollar Yield (USDY) at $2.14 billion, the Franklin Onchain U.S. Government Money Fund (BENJI), overseen by Franklin Templeton, at $2.05 billion, and the Janus Henderson Anemoy Treasury Fund (JTRSY), which stands at $1.24 billion. Collectively, these five products account for a market valuation of approximately $10.92 billion.

The remaining $4.28 billion is distributed across 66 additional assets. Positions six through ten include the Wisdomtree Government Money Market Digital Fund (WTGXX), with a market capitalization of $978.06 million, followed closely by the Superstate Short Duration U.S. Government Securities Fund (USTB), which holds $814.13 million.

The Ondo Short-Term U.S. Government Bond Fund (OUSG) holds the eighth position with $682.37 million, followed by the ChinaAMC USD Digital Money Market Fund Class I (CUMIU) at $547.56 million. Closing out the top ten is the Spiko U.S. T-Bills Money Market Fund (USTBL), which carries a valuation of $153.32 million this weekend. The tokenized Treasuries ranked six through ten exceed $3 billion in total value.

With capital continuing to concentrate among leading issuers, tokenized Treasuries appear to be settling into a more defined hierarchy in 2026. While dominant funds retain a sizable share of the market, the breadth of smaller offerings suggests steady diversification across issuers and chains.

If current issuance and adoption trends persist, and many insist it will, the sector will likely continue to attract both institutional and onchain participants seeking yield-bearing, dollar-linked exposure.