Tokenized U.S. Treasuries hit $15.20B: who is leading the market?

The category matters because it brings several structures into one scoreboard. Circle USYC, Ondo USDY and Ethena USDtb all have Treasury or Treasury-bill links, but they differ in legal form, investor access, reserve design and risk profile.

The platform leaderboard: Circle, Ondo and Securitize dominate

By RWA.xyz’s platform view, the three largest names in early May 2026 were Circle, Ondo and Securitize. Their reported market shares were 19.13%, 18.76% and 17.49%, respectively, giving the top three a combined share of roughly 55.4%.

Add Franklin Templeton Benji Investments, and the top four accounted for about 68.9% of the category by that platform view.

This is why the question of whether BlackRock is number one depends on the lens. In the platform ranking, BUIDL sits under Securitize. At the product level, however, BUIDL is the BlackRock USD Institutional Digital Liquidity Fund, with ticker BUIDL.

The product leaderboard: USYC, BUIDL, USDY and BENJI form the core

RWA.xyz’s Government Securities snapshot on May 4 listed USYC, BUIDL, USDY and BENJI as the four largest names in that group. Their individual product pages put the four at about $9.68 billion combined, or roughly 64% of the $15.20 billion category total.

The same Government Securities snapshot also listed JTRSY at about $1.2B and WTGXX at about $978.1M, meaning they were larger than some products in the table. But the snapshot alone gives only the name and size; comparing structure and risk still requires product-level information.

Why BUIDL matters more than a simple platform rank suggests

On the platform scoreboard, Circle ranked first and Securitize ranked third. But at the product-network level, BUIDL is one of the most important building blocks in the market.

First, BUIDL itself was a top-tier product, with about $2.582B in value. Second, Ondo OUSG’s portfolio primarily held BlackRock’s BUIDL fund, alongside allocations to Franklin Templeton, WisdomTree, Fidelity and Wellington/FundBridge vehicles. Third, USDtb held part of its reserves in BlackRock’s BUIDL.

That means BUIDL’s role is not only about its own reported size. It also appears inside other tokenized Treasury products as an underlying allocation or reserve component.

Three common mistakes when reading the rankings

1. Platform share is not the same as asset-manager share

RWA.xyz’s platform ranking puts BUIDL under Securitize, while the product itself is the BlackRock USD Institutional Digital Liquidity Fund. Those are two different ways to describe the market: one ranks tokenization or distribution platforms, while the other looks at named products and fund sponsors.

2. The Treasury label does not mean the same structure

USYC gives exposure to short-duration U.S. Treasuries and reverse repo, USDY is a tokenized note backed by short-term U.S. Treasuries and bank demand deposits, and USDtb is a Treasury-backed stablecoin fully reserved with cash and short-term U.S. Treasury bills. The shared category is useful for market sizing, but it should not replace product-level diligence.

3. These are snapshots, not permanent rankings

RWA.xyz’s category total, platform shares, product values and 30-day changes can move as subscriptions, redemptions and data updates change the market view. The rankings here are best read as the early-May 2026 picture, not a permanent pecking order.

Bottom line

As of early May 2026, tokenized U.S. Treasuries had reached about $15.20 billion on RWA.xyz’s category view, with 7.50% growth over 30 days. By platform, Circle, Ondo, Securitize/BlackRock and Franklin Templeton were the main leaders. By product, the central cluster was USYC, BUIDL, USDY and BENJI.

The most useful takeaway is not just who tops the table. It is how interconnected the products are. BUIDL, in particular, is both a large standalone fund and an underlying component in products such as OUSG and USDtb, making it one of the key infrastructure products in the tokenized Treasury market.