BlackRock's tokenized US Treasury fund, BUIDL, has returned to the top of its category. The fund, built and managed through Securitize's platform, has grown to approximately $2.8 billion in assets under management, reclaiming its status as the largest tokenized Treasury product on the market after briefly losing that title to a rival earlier this year. The milestone is a notable data point in the broader race by traditional asset managers to bring real-world assets onto public blockchains.

How BUIDL lost its crown, then took it back

Launched on March 20, 2024, BUIDL spent most of its life as the undisputed leader in tokenized Treasuries. That changed in March 2026, when Circle's USYC briefly overtook it in total assets. Continued inflows pushed BUIDL back to the front of the pack by mid-2026, and the $2.8 billion figure now puts comfortable distance between it and the competition. At various points, BUIDL commanded between 40% and 46% of the entire tokenized Treasury market. The back-and-forth with USYC shows the top spot in this category is no longer a given, and share leadership may continue to shift as new entrants scale.

The broader tokenized US Treasury market has grown to an estimated $15 billion to $16 billion. That makes BUIDL's roughly $2.8 billion share still significant, even as firms like Ondo and Franklin Templeton carve out their own positions. The segment's growth reflects demand from institutions seeking on-chain, yield-bearing alternatives to holding stablecoins idle.

What BUIDL actually does

BUIDL, formally called the USD Institutional Digital Liquidity Fund, holds short-term US Treasuries, cash, and repurchase agreements. It targets a net asset value of $1.00 per token, functioning somewhat like a tokenized money market fund.

Investors earn yields currently ranging between 3.4% and 4.5% APY, depending on prevailing market rates. Those yields accrue daily and are paid out monthly—not in dollars, but in additional tokens through a rebasing model.

The fund operates across multiple blockchains, including Ethereum, Solana, Aptos, and BNB Chain. Onboarding requires traditional compliance checks such as KYC and AML verification, all handled through Securitize's infrastructure.

Platforms like Deribit and Crypto.com now accept BUIDL tokens as collateral for trading positions, allowing investors to deploy their tokens in derivatives markets without liquidating the underlying position. That collateral use case has been one of the clearest signs that tokenized funds are being treated as productive, tradable assets rather than passive holdings.

Cumulative dividends paid by the fund have crossed the $100 million mark.

Securitize's role in the bigger picture

Securitize went public on the NYSE in 2026. The company handles compliance, onboarding, and the technical infrastructure that makes a product like BUIDL possible.

Franklin Templeton was one of the earliest traditional finance players to tokenize a money market fund, launching its on-chain product before BUIDL existed. Ondo Finance has also carved out a strong position, particularly among crypto-native investors. Circle's USYC proved it could challenge BUIDL's dominance, even if only temporarily. How these rivals' asset totals evolve relative to BUIDL's, and whether additional exchanges begin accepting tokenized funds as collateral, are among the metrics worth tracking as the segment matures.