In the latest BlackRock crypto news, the USD Institutional Digital Liquidity Fund (BUIDL) was reported to have narrowly outperformed Circle's USYC in a head-to-head comparison of the two tokenized US Treasury products.

Token Terminal data cited by AMBCrypto placed BUIDL at approximately $2.8 billion, or about 18.5% of a tokenized US Treasury market valued at roughly $15.1 billion. The comparison should be treated as a snapshot rather than an overall market ranking: the same reporting identified Sky's uSDS as the largest product at press time, while the gap between BUIDL and USYC was described as narrow.

Tokenized US Treasury funds place traditional money-market-style exposure on public blockchains, letting on-chain capital hold yield-bearing, dollar-referenced assets instead of leaving them idle — a key reason the category has grown into a roughly $15 billion market. BUIDL, issued through Securitize, was one of the first institutional-scale entrants when it launched in 2024, and USYC's rapid rise since has turned the two into the category's most closely watched pair.

🏦BLACKROCK RETURNS TO THE TOP: IT'S NO LONGER JUST A FUND BlackRock BUIDL has once again become the largest tokenized US Treasury bond fund, with approximately $2.8 billion in AUM. At first glance, this is simply a reshuffle between BUIDL and Circle USYC. But if you look…
— No Name Trader (@T18431Ares) September 1, 2026

Source: X post

What the BUIDL-USYC Comparison Shows

USYC grew rapidly in 2025, increasing from roughly $600 million to nearly $3 billion, according to an AMBCrypto report (source). By late August 2026, the report said USYC had reached around $2.9 billion, slightly above BUIDL's approximately $2.7 billion, before describing BUIDL as narrowly ahead of USYC at the time of publication.

Dashboard figures can vary by provider, date, and methodology. RWA.xyz's Treasury tracker (source) lists a distributed-value total of $15.90 billion for tokenized US Treasury funds.

In its asset table, USYC is listed at approximately $2.776 billion and BUIDL at approximately $2.765 billion. The tracker also lists Securitize at roughly $2.9 billion and Circle at roughly $2.8 billion in its platform table.

These figures underscore how closely BUIDL and USYC are tracking each other, while also showing that a comparison between the two does not establish either product as the overall market leader.

BlackRock's Tokenized Money-Market Products

The BUIDL-USYC comparison coincided with BlackRock's launch of tokenized money-market funds, BSTBL on Ethereum and BRSRV on Solana. The source material describes the funds as reserve assets for stablecoins.

Stablecoins represent roughly $305 billion, according to the report, making them a major source of on-chain liquidity. Offering products on Ethereum and Solana gives capital access to both ecosystems and positions the funds amid the ongoing liquidity competition between the two networks. The move also reflects how issuers of tokenized cash-equivalent products are increasingly positioning them as collateral and reserve infrastructure for stablecoin issuers and other on-chain protocols, rather than only as standalone funds.

A Close Race Between BUIDL and USYC

BUIDL Regains Its Position as the Largest Tokenized U.S. Treasury Fund Token Terminal data shows that BUIDL, a tokenized U.S. Treasury fund issued by Securitize, has a market capitalization of approximately $2.8 billion, accounting for 18.5% of the $15.1 billion market. It has… pic.twitter.com/ekGaLMt0jz
— Wu Blockchain (@WuBlockchain) August 31, 2026

Source: X post

In other BlackRock crypto news, AMBCrypto reported that new institutional inflows or withdrawals could quickly alter the relative standing of BUIDL and USYC. The narrow difference between the products means that rankings may depend on the data source and the point in time being measured.

For observers of tokenized US Treasury funds, the comparison highlights both the category's growth and the importance of distinguishing among product-level figures, platform totals, and broader market rankings. What to watch going forward includes continued institutional flows into both products, whether Sky's uSDS holds its top spot in the wider field, and whether the newly launched BSTBL and BRSRV funds add to BlackRock's footprint in the category.