| Product | Issuer | Approximate AUM |
|---|---|---|
| USYC | Circle | ~$3.0 billion |
| BUIDL | BlackRock / Securitize | ~$2.7 billion |
| USDY | Ondo Finance | ~$2.15 billion |
Circle's USYC overtook BlackRock's BUIDL as the largest tokenized Treasury product in March 2026, and the gap has since widened .
Several major institutional tokenized Treasury products have expanded onto Solana:
The tokenized Treasury market has expanded roughly 16x from under $1 billion in early 2024 to over $16 billion today . Tokenized T-bills specifically grew from under $200 million in early 2023 to over $15 billion by mid-2026
. The broader tokenized real-world asset (RWA) ecosystem has exceeded $38 billion in total value locked, reaching $38.17 billion as of August 9, 2026, according to RWA.xyz
. Another source reported $43.8 billion across 32 blockchains
. Citi has projected a $5.5 trillion tokenized asset market by 2030.
Despite the sector's rapid growth, concentration risk remains acute. Total RWA DeFi active TVL stands at $3.97 billion, representing just 11.7% of the sector's active market cap — meaning the vast majority of tokenized RWA value sits idle rather than being deployed productively in DeFi protocols. Additionally, there were a record 99 DeFi hacks in Q2 2026, highlighting persistent security vulnerabilities across the ecosystem.