Circle, BlackRock Lead $15.2B Tokenized Treasuries Market

Tokenized U.S. Treasuries totaled $15.20 billion at the start of May, according to on-chain data from rwa.xyz. The sector added $1.06 billion over the prior 30 days. Circle’s USYC is the largest product at $2.91 billion, followed by BlackRock’s BUIDL at $2.58 billion.

rwa.xyz tracks 71 distinct tokenized Treasury assets and reports 58,658 unique addresses hold them. The average annual percentage yield across the sector was 3.36% over the past week.

USYC operates on Binance Smart Chain, Ethereum and Solana. BUIDL is issued through Securitize and is available on eight blockchains. Ondo’s U.S. Dollar Yield (USDY) held $2.14 billion, Franklin Templeton’s Franklin Onchain U.S. Government Money Fund (BENJI) had $2.05 billion, and Janus Henderson’s Anemoy Treasury Fund (JTRSY) stood at $1.24 billion. Those five funds together account for about $10.92 billion of the market.

Funds ranked six through ten include WisdomTree Government Money Market Digital Fund (WTGXX) at $978.06 million, Superstate Short Duration U.S. Government Securities Fund (USTB) at $814.13 million, Ondo’s Short-Term U.S. Government Bond Fund (OUSG) at $682.37 million, ChinaAMC USD Digital Money Market Fund Class I (CUMIU) at $547.56 million, and Spiko U.S. T-Bills Money Market Fund (USTBL) at $153.32 million. Together these five hold just over $3 billion.

The remaining $4.28 billion of the $15.20 billion market is split across 66 smaller tokenized Treasury offerings.

Tokenized Treasuries are digital tokens that represent holdings of U.S. Treasury securities or cash-equivalent government money market funds. Market participants use them for cash management, yield generation and as dollar-denominated settlement assets in decentralized finance and other blockchain workflows.

rwa.xyz reports the sector passed the $15 billion mark in April and continued to grow into May, with the reported average APY and 30-day inflows noted above.