Catenaa, Monday, April 28, 2025- Six firms, led by BlackRock, account for 88% of all tokenized US Treasurys issued, according to new data released by real-world asset tracker RWA.xyz.
BlackRock’s BUIDL fund dominates the sector, with a market cap of $2.5 billion — a figure 360% higher than its nearest rival. The firm reported $11.6 trillion in total assets under management in the first quarter of 2025.
Following BlackRock, Franklin Templeton’s BENJI, Superstate’s USTB, Ondo’s USDY, Circle’s USYC and Ondo’s OUSG round out the top six issuers.
Together, their holdings represent nearly nine-tenths of the entire tokenized Treasurys market.
BUIDL alone accounts for 41.1% of the sector’s total market cap, having grown 291% from Jan. 1 to April 24, 2025. While most top funds saw growth, Circle’s USYC was the only one to post a decline in recent months.
Industry leaders warn, however, that such concentration brings risks. Tracy Jin, chief operating officer of MEXC, cautioned that tokenized assets issued on permissioned or semi-centralized blockchains could be vulnerable to restrictions or seizures by authorities.
Despite concerns, the tokenized real-world asset sector is booming. Regulatory clarity, improved interoperability, and solutions for liquidity are pushing the market to new heights, with the total sector market cap hitting $21.3 billion on April 21.
