New data from RWA.xyz, a platform tracking tokenized real-world assets, shows that six entities are responsible for 88% of all tokenized US Treasurys. The data suggests a concentration among a few funds as the market continues to develop.
The largest issuer of tokenized treasures continues to be BlackRock. The company’s tokenized US treasury fund, called BUIDL, has a market capitalization of $2.5 billion, 360% higher than its nearest competitor. BlackRock disclosed a total of $11.6 trillion in assets under management in the first quarter of 2025.
Rounding out the top six are Franklin Templeton’s BENJI, with a market capitalization of $707 million, Superstate’s USTB at $661 million, Ondo’s USDY at $586 million, Circle’s USYC at $487 million, and Ondo’s OUSG fund holding assets worth $424 million. Together, those six funds account for 88% of all tokenized treasuries issued.
A chart of the top six tokenized treasury funds