@ondofinance's $USDY tokenised Treasury product has moved ahead of @BlackRock's $BUIDL fund by assets, a notable shift in the fast-growing market for on-chain government debt. The data points
@ondofinance's $USDY tokenised Treasury product has moved ahead of @BlackRock's $BUIDL fund by assets, a notable shift in the fast-growing market for on-chain government debt. The data points to growing competition between crypto-native issuers and traditional asset managers.
According to RWA.xyz figures cited by PANews, USDY stands at about $2.328 billion, compared with about $2.204 billion for BUIDL. Ondo's OUSG product holds a further $319 million.
Ondo Finance said its tokenised U.S. Treasury assets have reached $3 billion in total. That figure covers USDY, OUSG and tokenised U.S. Treasury ETFs, and ranks first among platforms on RWA.xyz, TokenPost reported.
The lead over BUIDL is narrow, at roughly $124 million on these figures. Circle's USYC remains the largest single product at about $2.384 billion, ahead of both USDY and BUIDL, according to TokenPost. The wider tokenised Treasury market stands at about $14.91 billion.
The two funds are built for different users. BUIDL launched in March 2024 with Securitize as transfer agent, per a guide from Eco. USDY uses a Reg S wrapper aimed at non-U.S. retail investors.
Holder counts show the gap. On 23 September 2026, BUIDL had 107 holders and USYC had 36, compared with 18,358 for USDY, according to Upshift, citing RWA.xyz data. BUIDL also carries a $5 million minimum and is limited to U.S. qualified purchasers.
The comparison also has a wrinkle. Ondo restructured its institutional OUSG product in late 2024 to hold BlackRock's BUIDL as its main underlying asset, a Ryder analysis notes. Ondo and BlackRock are therefore partly linked as well as competing.
For $ONDO, the milestone is a symbolic win for a crypto-native platform against one of the world's largest asset managers. Rankings among these products can move quickly, as the same RWA.xyz data shows daily shifts in each fund's size, so the lead may not hold.
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