"BlackRock Leads in Tokenized Treasury Market Among Top Six"

The Concentration of Tokenized US Treasurys

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. This data highlights a concentration among a few funds as the market for tokenized assets continues to develop.

The largest issuer of tokenized treasuries is BlackRock, whose tokenized US treasury fund, known as BUIDL, boasts a market capitalization of $2.5 billion, a significant lead compared to its closest competitor. BlackRock reported a total of $11.6 trillion in assets under management in the first quarter of 2025.

Completing the top six are Franklin Templeton’s BENJI at $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 with assets worth $424 million. Together, these six funds represent the majority share of all tokenized treasuries issued.

Consolidation of Tokenized Treasury Funds

According to RWA.xyz data, the largest tokenized treasury funds have experienced consolidation since the beginning of 2025. Among the top six funds, only Circle’s USYC saw a decline in market capitalization over recent months.

Notably, BUIDL’s market capitalization surged by 291% from January 1 to April 24, now constituting 41.1% of the total tokenized US Treasurys market cap.

The Centralization Conundrum: MEXC’s Perspective

Tracy Jin, chief operating officer of MEXC, raises concerns about the centralization of tokenized real-world assets, particularly if these assets are on permissioned or semi-centralized blockchains.

Jin warned, "Most tokenized assets will be issued on permissioned or semi-centralized blockchains, giving authorities the ability to impose restrictions or confiscate assets. Asset tokenization, whether for real estate or bonds, remains tied to the national legal system."

The tokenized real-world asset market is forecasted to flourish in 2025, driven by regulatory clarity, interoperability, liquidity solutions, the transition of identity from physical to digital, and the rise of fractional ownership. According to RWA.xyz, the sector's total market cap hit a peak of $21.3 billion on April 21.

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