RWA news: Circle (CRCL) overtakes BlackRock (BLK) as tokenized treasury market hits $11 billion
Circle's USYC tokenized Treasury fund surpassed BlackRock's BUIDL, leading the rapidly growing tokenized Treasury market now valued over $11 billion.Summary
Circle, the issuer of USDC, has become the largest provider of tokenized U.S. Treasury exposure with its USYC token reaching a supply of about $2.2 billion, overtaking BlackRock’s BUIDL fund, which holds around $2 billion. This shift occurred as the overall tokenized U.S. Treasury market hit a record high of over $11 billion. Tokenized real-world assets are gaining traction for offering near-instant settlement, transparent reserves, and the ability to earn interest while serving as onchain collateral. Much of USYC's recent growth is attributed to its adoption on BNB Chain, where Binance introduced it as off-exchange collateral for institutional derivatives trading. Circle CEO Jeremy Allaire noted that tokenized treasuries used as collateral represent a major emerging use case.
(Source：CoinDesk)