Ondo Finance’s USDY is now the biggest tokenized Treasury product

@Ondo, the issuer behind $ONDO, has pushed its USDY dollar token past Circle's USYC and BlackRock's BUIDL to become the largest single tokenized US Treasury product. USDY sits at $2.374B against $2.373B for USYC and $2.168B for BUIDL, per rwa.xyz data.

The margin over USYC is about $1 million, so the lead is narrow and could change quickly.

Ondo leads the platform table

Ondo also leads the platform table with $3.0B across 11 products, a 20.78% share of tokenized Treasuries, ahead of Franklin Templeton, Circle and Securitize.

Earlier this month, Ondo said its tokenized Treasury holdings, which include USDY, OUSG and tokenized Treasury ETFs, had reached $3 billion and ranked first on the RWA.xyz platform table, according to a KuCoin News report citing ChainCatcher. At that point USDY stood at roughly $2.33 billion.

A tight race at the top

The top spot in the category has changed hands repeatedly this year. CoinDesk reported in March that Circle's USYC had overtaken BlackRock's BUIDL as the largest tokenized Treasury product, with about $2.2 billion in supply. The same report linked much of USYC's growth to its use on BNB Chain.

USDY is aimed at non-US investors. According to Ondo's own product page as cited by Eco's comparison of tokenized Treasury funds, USDY tokens are not offered or sold in the US or to US persons, and the yield is set monthly by Ondo.

Tokenized Treasuries are blockchain-based tokens that represent exposure to short-term US government debt. The sector has grown quickly. The same Eco comparison put tokenized US Treasury funds at about $14.88 billion onchain as of Oct. 6, 2026, per RWA.xyz.

With USDY, USYC and BUIDL all within a few hundred million dollars of each other, small inflows or redemptions could change the ranking again.

Sources

RWA.xyz: Tokenized U.S. Treasury FundsCoinDesk: Circle overtakes BlackRock in tokenized TreasuriesKuCoin News: Ondo tokenized Treasury reaches $3 billion