BlackRock's BUIDL fund has climbed back to roughly $2.8 billion in assets, reclaiming its position as the largest tokenized U.S. Treasury product.

BUIDL takes the lead back from Circle's USYC. The back-and-forth at the top of the leaderboard reflects how competitive the on-chain cash-management segment has become, with issuers competing to offer institutions tokenized, yield-bearing alternatives to traditional money-market instruments. The shift comes as Depository Trust & Clearing Corporation (DTCC) and NYSE owner Intercontinental Exchange (ICE) move their own tokenization initiatives closer to launch.

Which fund tops the tokenized Treasury market?

BUIDL, formally the USD Institutional Digital Liquidity Fund, has regained the top spot in the tokenized U.S. Treasury market after losing it to Circle's USYC in March 2026.

The fund currently holds about $2.8 billion in assets, representing roughly 18.5% of a tokenized Treasury market that data trackers size at $15.1 billion. USYC and the remaining issuers account for the other 81.5%.

The broader market now stands slightly higher at $16 billion, up from $15 billion in recent weeks amid growing institutional demand. Franklin Templeton (NYSE: BEN) and Ondo Finance are among the newer contributors to that growth.

Securitize, which built BUIDL, now services the fund across eight blockchains, including Ethereum, Solana, Aptos, and BNB Chain. The multi-chain footprint is part of a broader effort by tokenized-asset issuers to meet institutional users wherever they already settle transactions. The firm posted record first-quarter 2026 revenue driven largely by the asset-servicing fees tied to BUIDL and has since listed on the NYSE.

What is DTCC launching in October?

DTCC, which clears the majority of U.S. equity activity, announced in May that it plans to open its DTC tokenization service commercially in October 2026. The October launch is a key milestone to watch: it would mark one of the first tokenization services operated at the heart of traditional U.S. securities post-trade infrastructure rather than alongside it.

As part of the rollout, the company completed production trades on July 15 that stress-tested collateral pledges, securities lending, Treasury and repo settlement, and CCP margin workflows across the Canton Network and Hyperledger Besu.

The SEC issued a no-action letter on December 11, 2025 clearing DTC to operate the service for three years on pre-approved blockchains. DTCC's Industry Working Group now includes more than 50 firms, among them BlackRock, JPMorgan, Goldman Sachs, NYSE, Nasdaq, Circle, and Ondo. The breadth of that working group signals how much of the traditional financial establishment is positioning around shared tokenization standards.

According to DTCC data, $300 trillion in global high-quality liquid assets could be addressed, of which only 10% to 11% is currently used as collateral.

ICE and tZERO partner on digital market infrastructure

On August 31, 2026, tZERO and ICE (NYSE: ICE) signed a memorandum of understanding under which tZERO will help design the digital transfer agent and broker-dealer systems for ICE's planned NYSE-affiliated Digital Trading Platform.

ICE also agreed to invest in tZERO's latest funding round and will license tZERO's blockchain patent portfolio, which comprises 23 patent families and 103 patents, according to tZERO.

The two firms said they will explore using tZERO tokenized assets as collateral at ICE's clearing houses. That combination — an exchange operator's regulated venue paired with a blockchain-focused infrastructure provider — points toward how tokenized securities could plug directly into existing clearing and settlement rails.