BlackRock’s BUIDL, its USD Institutional Digital Liquidity Fund, has become the second-largest tokenized U.S. Treasury fund, overtaking Circle’s USYC. The total tokenized U.S. Treasury market stands at approximately $15.1 billion, with BUIDL holding about 18.5% market share. Sky’s uSDS leads the ranking with $4.4 billion, followed by BUIDL with $2.28 billion and USYC in fourth place with $2.28 billion. BlackRock recently launched its tokenized money market funds, BSTBL on Ethereum and BRSRV on Solana, designed to serve as reserve assets for stablecoins representing roughly $305 billion.
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