BlackRock, five others account for 88% of all tokenized treasury issuance
Six entities account for 88% of all tokenized US Treasurys, with BlackRock being the largest issuer through its BUIDL fund, which has a market cap of $2.5 billion. This is 360% higher than the nearest competitor. Other top funds include Franklin Templeton’s BENJI ($707 million), Superstate’s USTB ($661 million), Ondo’s USDY ($586 million), Circle’s USYC ($487 million), and Ondo’s OUSG ($424 million). Since early 2025, market consolidation has occurred, with only Circle’s USYC seeing a decline in market cap. BUIDL's market cap increased by 291% from January to April 2025, representing 41.1% of the total market cap for tokenized US Treasurys. Concerns about centralization in tokenized real-world assets (RWAs) have been raised, particularly regarding the use of permissioned blockchains, which may allow authorities to impose restrictions. The tokenized RWA market is projected to grow significantly in 2025, driven by regulatory clarity and advancements in digital asset management. The total market cap reached $21.3 billion on April 21, 2025.
