Tokenized US Treasury Market Reaches $15.9 Billion, Circle's USYC Leads

The tokenized US Treasury market has reached a size of $15.9 billion, with Circle's USYC surpassing BlackRock's BUIDL on an individual asset basis. As of August 30, Circle's USYC assets totaled $2.877494353 billion, while BlackRock's BUIDL was recorded at $2.764679931 billion, resulting in a gap of $112814422. On a platform basis, Securitize showed $2.9 billion, while Circle reported $2.8 billion. Circle announced that USYC is the world's largest tokenized money market fund, targeting investors who are not American. BUIDL is expected to exceed $1 billion in assets under management by March 2025. Securitize stated that it has structured BUIDL to be utilized as income-generating collateral. The tokenized US Treasury represents cash-like assets expressed in blockchain form, providing institutional investors with collateral that can be moved 24/7 and characteristics of on-chain settlement assets. As of August 30, the competition between USYC and BUIDL continues, with the key issue in the market shifting to how much actual trading and on-chain collateral management is incorporated.