BlackRock's BUIDL fund has reclaimed the top position among tokenized US Treasury products, reaching $2.8 billion in assets as of late August, according to on-chain data. The fund narrowly surpassed Circle's USYC, which held the leading spot since March 2026.
BUIL's recovery to first place marks a reversal from a five-month period in which Circle's Treasury token had dominated the category. The shift in rankings occurs as the Depository Trust and Clearing Corporation moves toward a broader tokenization infrastructure rollout scheduled for October 2026.
BUIL launched in March 2024 as BlackRock's on-chain Treasury fund built on Ethereum. The product allows institutional investors to hold short-duration US Treasury bonds in tokenized form, with redemptions processed through traditional banking channels. BlackRock has positioned BUIDL as a core holding for institutional portfolios seeking blockchain-native Treasury exposure without custody complexity.
Circle's USYC, which topped rankings earlier this year, operates similarly but adds yield generation to its Treasury token structure. Both products compete for the same institutional base: allocators seeking compliant, audited Treasury tokenization on public blockchains.
The tokenized Treasury category remains tiny relative to BlackRock's broader asset base. The firm manages roughly $11.5 trillion globally; BUIDL's $2.8 billion represents 0.024 percent of that. Still, the category has expanded from near-zero adoption in 2023 as regulatory clarity and custodial infrastructure matured.
The DTCC's planned October launch of its Tokenization Service could reshape competitive dynamics in the space. The clearinghouse's involvement brings institutional-grade infrastructure, which may favor established Treasury issuers and custodians over smaller rivals. DTCC's service aims to settle tokenized securities on its own rails rather than exclusively on public blockchains, a structural difference from BUIDL and USYC.
BUIL's return to first place occurred without major announcement from BlackRock. The fund attracted inflows over the five-month period. If BUIDL maintains its lead through the DTCC's October rollout, it would position the fund as the default institutional choice ahead of potential consolidation in the category.
