Six Entities Dominate 88% of Tokenized U.S. Treasuries Market
BlackRock’s BUIDL fund has surged 291% since January 1, 2025, leading a concentrated market where six funds—BUIDL, BENJI, USTB, USDY, USYC, and OUSG—control nearly 90% of all tokenized U.S. treasuries. The sector’s total value hit a record $6.16 billion, up 53.6% from $4.01 billion in January, reflecting accelerating institutional adoption of blockchain for fixed-income assets.
Data from rwa.xyz reveals the stark concentration of power in this burgeoning market. "Tokenization is maturing, but early movers are carving out unshakable positions," observes a fund manager familiar with the space. The growth trajectory mirrors Wall Street’s embrace of distributed ledger technology for traditional finance instruments.
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