BlackRock has reclaimed its position as the global leader in tokenized Treasury funds with its BUIDL fund, reaching 2.8 billion dollars in assets under management, representing 18.5% of a market now valued at 15.1 billion dollars. Five months after losing its top spot to Circle’s USYC, BlackRock’s fund has regained its lead in a market that has grown by more than a third since March 2025. This rivalry between BUIDL and USYC reflects a strategic battle over the use of these funds as collateral on derivatives platforms, with Binance adopting USYC while Deribit and Crypto.com accept BUIDL. Despite this return to the top, BlackRock’s market share has shrunk from 46% at its peak to 18.5% today, as the market has significantly diversified with players such as Ondo, Franklin Templeton, or Superstate.
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