BlackRock’s USD Institutional Digital Liquidity Fund, or BUIDL, has regained its position as the largest tokenized U.S. Treasury product after moving back ahead of Circle’s USYC. RWA.xyz’s tokenized Treasury dashboard places BUIDL at approximately $2.8 billion in assets, giving it roughly 18.5% of a market valued near $15.1 billion. The change puts BlackRock back at the top of one of tokenization’s largest institutional asset categories.
The leadership has become increasingly competitive. USYC overtook BUIDL in March 2026, when U.S. congressional testimony drawing on RWA.xyz data placed Circle’s product at $2.4 billion against BUIDL’s $2.01 billion. The written testimony published by the U.S. House Financial Services Committee provides an institutional record of that earlier ranking. BUIDL’s return to first place illustrates how quickly capital can shift between competing tokenized Treasury products.
BUIDL Combines Treasuries With Onchain Settlement
Launched in March 2024 and tokenized through Securitize, BUIDL provides qualified investors with exposure to a portfolio backed by cash, U.S. Treasury bills and repurchase agreements. BUIDL shares are securities representing interests in a private fund, not stablecoins, even though the product is designed around a $1 share value and distributes income generated by its underlying assets. Securitize’s BUIDL disclosure explicitly makes that distinction.
The fund also carries an Aaa-mf money market fund assessment from Moody’s, assigned in May 2026. The assessment reflects Moody’s view of the fund at the time and can change; it is not a guarantee against losses. The designation reinforces BUIDL’s institutional positioning while leaving investors exposed to the normal risks associated with the underlying fund and its operating infrastructure.
BUIDL’s blockchain footprint has expanded substantially since its Ethereum debut. It subsequently reached Aptos, Arbitrum, Avalanche, Optimism, Polygon, Solana and BNB Chain before Securitize announced its deployment on Tempo in July 2026. That brings BUIDL to nine blockchain networks, widening the environments where eligible investors can use tokenized fund shares.
Tokenized Treasuries Reach $15.1B
The broader Treasury-token market has expanded alongside BUIDL. At approximately $15.1 billion, the category now contains several multibillion-dollar products rather than one overwhelmingly dominant fund. BUIDL’s 18.5% share means more than four-fifths of the market remains distributed across USYC and competing offerings, limiting the significance of the ranking alone.
BUIDL has also gained additional utility beyond simply holding Treasury exposure. Securitize has connected the fund with collateral and trading infrastructure, including institutional arrangements involving Standard Chartered, Binance, OKX and UniswapX. Tokenized Treasury competition is increasingly being shaped by distribution and collateral utility as much as by yield or AUM.
BUIDL’s return to first place confirms renewed scale rather than permanent dominance. The more consequential trend is the growth of a competitive market where billions of dollars in short-term government debt can increasingly move, settle and serve as collateral through blockchain-based infrastructure.
Emma Lawson writes about the pressure points where crypto meets the outside world: regulation, exchanges, macro policy, tokenized assets and geopolitical risk. From the US, she follows the decisions and events that can change how capital moves, how platforms operate and how digital assets are treated by institutions.
Her work is direct and evidence-led. Emma is less interested in legal theatre than in practical consequences: what changed, who is affected, which risks are real and where the market may be overreacting. She brings a steady voice to complex stories, especially when regulation, infrastructure and global markets start pulling in the same direction.