New data from RWA.xyz, a platform tracking tokenized real-world assets, shows that six entities are responsible for 88% of all tokenized US Treasurys. The data suggests a concentration among a few funds as the market continues to develop.
The largest issuer of tokenized treasures continues to be BlackRock. The company's tokenized US treasury fund, called BUIDL ($1.00), has a market capitalization of $2.5 billion, 360% higher than its nearest competitor. BlackRock disclosed a total of $11.6 trillion in assets under management in the first quarter of 2025.
Rounding out the top six are Franklin Templeton’s BENJI, with a market capitalization of $707 million, Superstate’s USTB at $661 million, Ondo’s USDY ($1.10) at $586 million, Circle’s USYC ($1.08) at $487 million, and Ondo’s OUSG ($110.83) fund holding assets worth $424 million. Together, those six funds account for 88% of all tokenized treasuries issued.
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