Markets
What to know:
- Circle’s USYC token has puffed itself up to become the biggest tokenized U.S. Treasury product, flaunting about $2.2 billion in supply and leaving BlackRock’s BUIDL fund looking like it forgot its lunch.
- Most of USYC’s growth seems to have come from hitching a ride on the BNB Chain, where Binance decided it would be fun to let institutions use the token as off-exchange collateral for derivatives trading.
- The tokenized Treasury market overall has ballooned to a jaw-dropping $11 billion, up 27% this year, as folks scramble for yield and a place to stash their coins while the crypto seas get rough.
Well, slap my knee and call me astonished! The sprightly market for tokenized U.S. Treasuries now has itself a new champion.
Circle (CRCL), famous for tossing out the USDC stablecoin like candy at a parade, has now claimed the crown as the top provider of tokenized Treasury exposure, with its USYC token swelling to roughly $2.2 billion in supply, according to RWA.xyz. That’s a lot of zeros to make your eyes water.
This remarkable growth shoved USYC past BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL)-produced by tokenization whizzes Securitize-which now sits around $2 billion. BUIDL’s market share tumbled to 18% from a 46% peak in May, proving even giant funds can get a case of the shrinking market blues.
These tokenized real-world assets-Treasury bills and money-market funds, mind you-are winning hearts among crypto traders and institutional folks alike, serving as yield-generating collateral or a neat on-chain parking spot for cash. Unlike old-school financial machinery, blockchain tokens settle nearly instantaneously, flaunt transparent reserves, and never take a lunch break.
Another nifty perk: Treasury-backed tokens let investors earn interest while also lending them out as collateral for trading. That’s right-double-dipping without breaking a sweat, making stablecoins and cash look downright lazy in comparison.
Circle waltzed into the tokenized fund scene after snatching up Hashnote, the original USYC issuer, in early 2025.
Securitize, the poor BUIDL issuer, couldn’t be bothered to return a press inquiry. Perhaps they were busy crying into their spreadsheets.
A booming market
Diving into the numbers shows much of USYC’s recent puffiness is thanks to action on BNB Chain, where Binance rolled it out as off-exchange collateral for those fancy institutional derivatives trades.
Under this setup, USYC can chill with partner banks via Binance Banking Triparty or with Ceffu, Binance’s institutional custody haven.
Since its July debut, USYC supply on BNB has mushroomed to $1.84 billion, proving once again that when crypto folks want something, they want it fast.
“Tokenized treasuries and repo as collateral is a major emerging use case and we are proud of how quickly this has grown,” boasted Circle CEO Jeremy Allaire on X, perhaps patting himself on the back a bit too hard.
The overall tokenized Treasury market is booming like a Mississippi river steamboat in spring flood, hitting a record $11 billion, according to RWA.xyz. That’s a $2.5 billion jump-27% since January-making anyone who’s not on board feel like they missed the train at the station.
Interestingly, growth ramped up right when crypto prices were doing the limbo under the bar, suggesting investors are parking funds in tokenized Treasuries for a safe yield while plotting their next digital misadventure.
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2026-03-13 22:48