Ondo Finance said on October 14, 2026 that its tokenized US Treasury products have crossed $3 billion in combined value, and that its yield-bearing USDY token has edged past BlackRock’s BUIDL fund. The milestone, announced via an Ondo post on X and relayed by PANews and TokenPost, places Ondo’s combined lineup first on the RWA.xyz Treasuries leaderboard.
What happened?
According to PANews, Ondo Finance posted on X that its tokenized US Treasuries had reached a combined $3 billion. The total spans three products: the USDY yield token, the permissioned OUSG fund, and Ondo’s tokenized US Treasury ETFs. On the strength of that combined figure, Ondo now ranks first on the Treasuries leaderboard tracked by data site RWA.xyz, the outlets reported.
The headline detail for the sector is that USDY has moved ahead of BlackRock’s BUIDL. TokenPost reported the shift under the framing that USDY has overtaken BUIDL as Treasury tokens top $3 billion. Phemex carried the same figures, noting the broader context of a rapidly expanding market.
What are the details?
Figures cited from RWA.xyz in the reporting put the individual products at roughly:
- USDY at about $2.328 billion
- BUIDL at about $2.204 billion
- OUSG at about $319 million
PANews and Phemex noted that the broader tokenized US Treasury market stood at roughly $14.91 billion at the time. They also flagged an important nuance: Circle’s USYC remained the largest single product at about $2.384 billion, placing it ahead of both USDY and BUIDL. In other words, Ondo’s claim to first place rests on its combined three-product lineup, not on any single token outranking all rivals. The distinction matters because leaderboard framing can make a combined-issuer total sound like a single-product record, which it is not.
Why does it matter?
Tokenized Treasuries are one of the fastest-growing corners of the real-world-asset (RWA) sector. In essence, they put a claim on short-dated US government debt onto a blockchain, so holders can move the exposure around on-chain and, in many cases, earn the underlying yield. For crypto treasuries and trading firms, these instruments have become a way to park cash in an interest-bearing, dollar-denominated asset without fully exiting the on-chain economy.
A reshuffle at the top of the leaderboard signals how quickly capital rotates between products as issuers compete on access, chains and distribution. According to the reporting, the Ondo-versus-BUIDL comparison is not strictly apples-to-apples, because OUSG itself invests in BUIDL, meaning part of Ondo’s total ultimately flows through BlackRock’s fund. That layering is common in the sector and is one reason headline rankings should be read with care.
What’s the background?
BUIDL, formally the BlackRock USD Institutional Digital Liquidity Fund, is managed with tokenization firm Securitize and is aimed at qualified and institutional investors. Its arrival in 2024 was widely seen as a signal that large traditional asset managers were serious about tokenization. Ondo’s USDY, by contrast, is a yield-bearing instrument issued across multiple blockchains and designed for broader distribution, while OUSG is a permissioned product oriented to institutional users.
The movement comes amid broad expansion in tokenized Treasuries through 2026. Sector trackers cited across the coverage placed the total market in the roughly $14.9 billion to $15 billion range in early-to-mid October, spread across more than 100 assets and tens of thousands of holders. Reported sector-wide seven-day yields sat in the mid-3% area, a reflection of prevailing short-term US rates rather than any promised or guaranteed return.
What should readers be cautious about?
The rankings are drawn from live RWA.xyz data, which updates continuously, so relative positions can change day to day. Some aggregator feeds carried figures that appeared to be off by a factor of ten, for example listing USDY at $23.28 billion, which other sources treated as a decimal error against the roughly $2.3 billion readings. Older blog posts circulating with different totals were inconsistent with the October RWA.xyz snapshots and are best disregarded.
What’s next?
Market watchers will be looking at whether Ondo can hold its combined lead as flows move between products, and whether USDY sustains its position above BUIDL on daily RWA.xyz snapshots. Continued growth in tokenized Treasuries will also hinge on regulatory clarity and on whether more institutions route cash management on-chain. Because the leaderboard is data-driven and fast-moving, readers should consult RWA.xyz directly for current figures rather than relying on any single-day snapshot. This article reports publicly available data and company statements and does not constitute investment advice.
Sources
PANews – Ondo’s tokenized US Treasuries surpass $3 billion, USDY overtakes BlackRock’s BUIDL
TokenPost – Ondo Finance’s USDY Overtakes BUIDL as Treasury Tokens Top $3B
Phemex News – Ondo Tokenized US Treasuries Hit $3B as USDY Surpasses BlackRock BUIDL
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Elena Petrova is STnews's Regulation Correspondent, reporting on MiCA, SEC and CFTC actions, the FATF travel rule and AML/KYC developments across digital-asset markets. Her coverage adheres to STnews's editorial standards — primary-sourced, cited, and non-advisory.
Conflicts of interest
I have no current legal practice or retainer relationships with any cryptocurrency company. Past employment relationships are listed publicly.
