Ondo’s USDY overtook BlackRock’s BUIDL to become the largest tokenized U.S. Treasury product, with a total value of $2.37 billion. Its value rose 4.15% over 30 days, while its holder count increased 5.43% to 19,546, according to RWA.xyz. In contrast, BUIDL’s value fell 4.7% to $2.17 billion, and Circle’s USYC recorded a 3.3% decline in holders to 29. The total value of tokenized U.S. Treasuries reached $14.94 billion, up 64% year to date, while Ondo’s tokenized assets exceeded $4 billion. However, growing adoption of tokenized yield-bearing assets does not automatically translate into increased demand for the ONDO token, which remains in a downtrend and briefly fell below $0.40.
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