Circle surpasses BlackRock in tokenized U.S. Treasuries market
- Circle’s USYC token supply has reached approximately $2.2 billion, making it the largest provider of tokenized Treasury exposure.
- BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) currently holds around $2 billion in assets, down from a peak market share of 46% in May.
- The broader tokenized Treasury market has hit a record high of over $11 billion, adding about $2.5 billion in value since the start of the year.
- Much of USYC’s growth is attributed to its use as off-exchange collateral for institutional derivatives trading on BNB Chain.
- Circle acquired Hashnote, the issuer of USYC, earlier this year to enter the tokenized fund market.
The rise of tokenized real-world assets like U.S. Treasuries is attracting both crypto traders and institutional investors as they seek yield-generating collateral and improved capital efficiency compared to traditional stablecoins or cash.
With USYC now at $2.2 billion and BUIDL at $2 billion, Circle has established itself as a leader in this emerging market segment.(Source)
