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In BlackRock crypto news, USD Institutional Digital Liquidity Fund (BUIDL) was reported to have narrowly outperformed Circle’s USYC in a comparison of the two tokenized US Treasury products.
Token Terminal data cited by AMBCrypto placed BUIDL at approximately $2.8Bn, or about 18.5% of a tokenized US Treasury market valued at roughly $15.1Bn.
The comparison should be treated as a snapshot rather than an overall market ranking. The same reporting identified Sky’s uSDS as the largest product at press time, while the gap between BUIDL and USYC was described as narrow.
🏦BLACKROCK RETURNS TO THE TOP: IT'S NO LONGER JUST A FUND
BlackRock BUIDL has once again become the largest tokenized US Treasury bond fund, with approximately $2.8 billion in AUM.
At first glance, this is simply a reshuffle between BUIDL and Circle USYC.
But if you look…
— No Name Trader (@T18431Ares) September 1, 2026
BlackRock Crypto: What the BUIDL-USYC Comparison Shows
USYC grew rapidly in 2025, increasing from roughly $600M to nearly $ 3Bn, according to an AMBCrypto report. By late August 2026, the report said USYC had reached around $2.9Bn, slightly above BUIDL’s approximately $2.7Bn, before describing BUIDL as narrowly ahead of USYC at the time of publication.
Dashboard figures can vary by provider, date, and methodology. RWA.xyz’s Treasury tracker lists a distributed-value total of $15.90Bn for tokenized U.S. Treasury funds.
In its asset table, USYC is listed at approximately $2.776Bn and BUIDL at approximately $2.765Bn. The tracker also lists Securitize at roughly $2.9Bn and Circle at roughly $2.8Bn in its platform table.
These figures underscore how closely BUIDL and USYC are tracking each other while also showing that a comparison between the two does not establish either product as the overall market leader.
BlackRock’s Tokenized Money-Market Products
The BUIDL-USYC comparison coincided with BlackRock’s launch of tokenized money-market funds, BSTBL on Ethereum and BRSRV on Solana. The source material describes the funds as reserve assets for stablecoins.
Stablecoins represent roughly $305Bn, according to the report, making them a major source of on-chain liquidity.
Offering products on Ethereum and Solana gives capital access to both ecosystems and positions funds amid the ongoing liquidity competition between the two networks.
A Close Race Between BUIDL and USYC
BUIDL Regains Its Position as the Largest Tokenized U.S. Treasury Fund
Token Terminal data shows that BUIDL, a tokenized U.S. Treasury fund issued by Securitize, has a market capitalization of approximately $2.8 billion, accounting for 18.5% of the $15.1 billion market. It has… pic.twitter.com/ekGaLMt0jz
— Wu Blockchain (@WuBlockchain) August 31, 2026
In other BlackRock crypto news, AMBCrypto reported that new institutional inflows or withdrawals could quickly alter the relative standing of BUIDL and USYC.
The narrow difference between the products means that rankings may depend on the data source and the point in time being measured.
For observers of tokenized US Treasury funds, the comparison highlights both the category’s growth and the importance of distinguishing among product-level figures, platform totals, and broader market rankings.
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