The tokenized U.S. Treasury fund under the ticker BUIDL has once again topped the ranking of similar products. Its assets have grown to approximately $2.8 billion, confirming sustained institutional demand for blockchain-based fixed-income instruments.
According to monitoring by the Token Terminal platform, BUIDL now accounts for about 18.5% of the tokenized bond market, whose total volume has reached $15.1 billion. The fund only slightly edges out competitor USYC from Circle, indicating an extremely tight race for capital in this segment.
Leadership changes are becoming the norm
Tokenized Treasury funds provide institutional investors with the ability to hold short-term U.S. securities directly on the blockchain. Transactions settle around the clock, bypassing the multi-step clearing cycle that previously stretched over several days. This makes them a convenient mechanism for deploying idle liquidity while earning yield-backed collateral.
The USYC fund held the top spot only briefly. Over the past year, its assets surged from roughly $600 million to nearly $3 billion. By the end of August, they reached $2.9 billion, allowing the product to temporarily overtake BUIDL with its $2.7 billion. However, already this week, BUIDL reclaimed the top position, sending USYC to second place.
BUIDL is a dollar liquidity fund from BlackRock, managed by Securitize. USYC operates on the Hashnote platform and belongs to Circle, which integrated the fund into its stablecoin business after acquiring Hashnote in 2025.
What makes the reshuffle notable
Neither fund holds the lead for long. This dynamic demonstrates that institutions do not latch onto the first product they encounter but carefully compare terms and choose among various offerings. Competition in the tokenized asset segment is a clear sign that the market is maturing and forming into a full-fledged category where no one stays on top by inertia.
The key question now is different: will institutional interest remain focused solely on government bonds, or will it spread to other instruments in the on-chain finance sector? For now, the market is growing mainly on the back of Treasury securities, although the entire real-world asset (RWA) tokenization sector continues to scale.
My analysis: BUIDL's return to the top is not just a statistical fact but a signal that trust in products involving the largest traditional asset managers remains a key driver. However, the frequent change of leadership suggests that investors are still testing the market, and the final balance of power in the RWA segment will only be determined when more diversified instruments emerge beyond government bonds.