Circle's USYC fund has overtaken BlackRock's BUIDL to claim the top spot in the fast-growing tokenized Treasury marketCircle now controls the largest tokenized US Treasury product on any blockchain, with its USYC fund crossing $3 billion in assets under management. USYC overtook BlackRock’s BUIDL fund as the largest tokenized Treasury product back in March 2026, and the gap has only widened since. The tokenized Treasury market heats upTokenized Treasuries offer yield, which stablecoins like USDC and USDT generally don’t pass through to holders. For a treasury manager or fund allocator sitting on large cash reserves, parking that capital in a tokenized Treasury product means earning government-backed interest while retaining the flexibility of blockchain-native assets. Concentrating $3B in tokenized Treasuries through a single issuer introduces counterparty considerations that don’t exist when holding actual Treasury bonds.