BlackRock’s tokenized money-market fund, BUIDL, has climbed back to roughly $2.8 billion in assets and reclaimed its position as the largest tokenized US Treasury product, according to Bitcoin.com News and BeInCrypto, citing on-chain market data as of late August 2026. The fund now holds about 18.5% of a roughly $15.1 billion tokenized-Treasury market, narrowly ahead of Circle’s USYC.
What happened?
Bitcoin.com News reported that BUIDL, formally the BlackRock USD Institutional Digital Liquidity Fund, reached about $2.8 billion in assets as of August 31, 2026, retaking the top spot after briefly ceding it to Circle’s USYC earlier in the year. The fund had lost the lead to USYC around March 2026 before recovering it by late August, the outlet said. BeInCrypto similarly reported that BUIDL reclaimed the number-one position and put its share at about 18.5% of the roughly $15.1 billion tokenized US Treasury market.
According to Bitcoin.com News, BUIDL is managed by Securitize as transfer agent and now operates across eight blockchains, including Ethereum, Solana, Aptos and BNB Chain. It launched in March 2024 as BlackRock’s first tokenized fund and has since drawn an AAA-mf rating from Moody’s. Each token targets a stable $1 net asset value and accrues yield daily through a rebase mechanism, Bitcoin.com News reported, “effectively turning a money-market fund into something that trades and settles like a crypto asset around the clock.” AMBCrypto, covering the same race, described a tight back-and-forth in which BUIDL and USYC traded the lead within the same week in late August, a sign that institutional buyers are actively comparing competing products rather than defaulting to one.
| Metric | Reported figure |
|---|---|
| BUIDL assets (as of Aug. 31, 2026) | ~$2.8 billion |
| Share of tokenized-Treasury market | ~18.5% |
| Total tokenized US Treasury market | ~$15.1 billion |
| Launch date | March 2024 |
| Blockchains | 8 (incl. Ethereum, Solana, Aptos, BNB Chain) |
Figures above are as reported by Bitcoin.com News and BeInCrypto.
Why does it matter?
Tokenized Treasuries are one of the clearest real-world-asset (RWA) success stories to date: on-chain wrappers around short-dated US government debt that pay yield and settle around the clock. The category has grown from roughly $1 billion in early 2024 to about $15 billion by mid-2026, per the figures cited by BeInCrypto, and BUIDL’s return to the top signals that BlackRock’s brand and distribution still carry weight even as rivals crowd in.
The closeness of the contest is arguably the bigger story. As AMBCrypto noted, neither BUIDL nor USYC has held the lead for long, which suggests the tokenized-Treasury market is maturing into a genuinely contested category rather than a one-issuer franchise. That competition sits at the intersection of stablecoins and RWA: tokenized money-market funds are increasingly used by institutions as yield-bearing cash management alongside non-yield stablecoins like USDC. Our stablecoin and RWA coverage follows how those two markets are converging.
The tokenized-Treasury niche also sits inside a much larger real-world-asset push. Reporting on the sector has put the total value of tokenized real-world assets, spanning Treasuries, private credit, commodities and funds, at more than $30 billion, with tokenized Treasuries among the fastest-growing and most institution-ready slices. Ethereum has historically hosted the largest share of tokenized Treasury value, though issuers including BlackRock have deliberately spread across multiple chains to reach different pools of institutional and on-chain demand.
A note on the figures: the market-share and ranking numbers come from on-chain trackers as reported by these outlets, and such tallies can shift day to day as funds mint and redeem. They describe the state of the market in late August 2026 rather than a fixed, permanent standing.
What to watch next?
Expect the lead to keep changing hands. Watch whether BUIDL extends its share or USYC retakes the top spot, how quickly the overall tokenized-Treasury market grows past $15 billion, and whether new entrants or bank-backed products enter the ranking. Also worth tracking is expansion onto additional chains and any new institutional integrations that route idle cash into tokenized funds. All figures and rankings here are attributed to Bitcoin.com News, BeInCrypto and AMBCrypto, which drew on on-chain data.
Sources: Bitcoin.com News — BlackRock’s BUIDL Hits $2.8B, Reclaims Treasury Crown; BeInCrypto — BlackRock’s BUIDL Reclaims Top Spot for Tokenized Treasuries; AMBCrypto — BlackRock’s BUIDL outpaces Circle’s USYC
This is news reporting, not investment advice.
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Disclaimer: The content on this page is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
Elena Petrova is a regulatory correspondent specializing in crypto law and policy with over 10 years of financial journalism experience. Formerly a finance reporter at Reuters, Elena covers SEC enforcement, MiCA implementation, and global stablecoin regulations. She holds a J.D. from Georgetown Law and is a member of the New York State Bar. Her regulatory analysis is frequently referenced by compliance officers and legal teams at major exchanges.
Conflicts of interest
I have no current legal practice or retainer relationships with any cryptocurrency company. Past employment relationships are listed publicly.
