Six Power Players Hog 88% of Tokenized U.S. Treasuries – Meet the New Money Gatekeepers

Tokenized U.S. treasuries were supposed to democratize finance—instead, they’ve become a playground for a handful of institutional giants. Here’s who’s holding all the chips.

The usual suspects (plus a few surprises)

BlackRock, Fidelity, and Goldman Sachs dominate, naturally. But crypto-native firms like Circle and Paxos have muscled in—proving even ’decentralized’ finance loves a good oligopoly.

Why this matters

When 88% of a $1.2 trillion market sits in six vaults, ’blockchain transparency’ starts looking like Wall Street’s usual smoke-and-mirrors. The more things change...

The kicker

These players didn’t just buy in—they built the platforms. Talk about marking your own homework. Maybe Satoshi should’ve tokenized that famous ’trustless’ white paper after all.

These entities control 88% of the tokenized U.S. treasuries

Tokenized U.S. treasuries on the blockchain were valued at $4.01 billion in January 2025. Since then, their value has surged by 53.62%, reaching $6.16 billion.

This sharp increase highlights growing institutional interest and confidence in blockchain as a tool for modernizing fixed-income markets.

The data also reveals that six entities—BlackRock BUIDL, Franklin Templeton BENJI, Superstate USTB, ONDO USDY, Circle USYC, and Ondo OUSG—control 88% of all tokenized U.S. treasuries.

BlackRock BUIDL leads the pack

BlackRock’s BUIDL, representing the USD Institutional Digital Liquidity Fund, has emerged as the industry leader in blockchain-based U.S. treasuries. It holds a market capitalization of $2.5 billion, making it 360% larger than the next biggest fund.

The other top contenders are:

• Franklin Templeton’s BENJI, with a market cap of $706.78 million
• Superstate’s USTB, with a market cap of $652.32 million
• Ondo’s USDY, with a market cap of $586 million
• Circle’s USYC, with a market cap of $487 million
• Ondo’s OUSG, holding assets worth $424 million

Collectively, these six funds control 88% of all tokenized U.S. treasuries issued, underscoring their dominance in the space.

Source: rwa.xyz

Superstate’s USTB posts rapid growth

Superstate’s USTB has seen a significant rise in market capitalization, increasing by 57.99% over the past thirty days.

Meanwhile, BlackRock’s BUIDL has experienced rapid adoption, growing by 291% from the 1st of January to the 26th of April 2025, and now accounts for 41% of the total market.

Data shows Ethereum is the primary blockchain for BUIDL, holding 91% of its total supply, or nearly $2.30 billion. Other networks supporting BUIDL include Aptos[APT] ($53.30 million), Avalanche[AVAX] ($52.80 million), and Polygon [POL] ($33.10 million).

Launched in March 2024, BUIDL provides daily dividends derived from short-term U.S. Treasury investments.

Each BUIDL token is fully backed by U.S. dollars, delivering Treasury-like returns while functioning similarly to a stablecoin.