Tokenized Treasuries Grew 50x Since 2024 As BlackRock And Circle Lead Pack
2024
2024
IBIT
STORY
BLACKROCK
Tokenized U.S. Treasury products have reached $13.53B in total value, a roughly 50-fold increase since early 2024, with BlackRock and Circle commanding nearly half the market.
BlackRock, Circle Treasury Dominance
The tokenized Treasury sector posted a 0.63% weekly gain as of Apr. 12, 2026. The segment now represents the largest category within a broader real-world asset market valued at $29.22B.
That growth has been rapid. The market stood at roughly $750M at the start of 2024. In the first two months of 2026 alone, it added $2.12B, outpacing stablecoin growth in absolute terms for the first time.
The top five products account for $9.31B, or 68.8% of the sector.
Circle's USYC leads at $2.67B, structured primarily for non-U.S. investors and domiciled in Bermuda. BlackRock's BUIDL follows at $2.42B, managed through Securitize and requiring a $5M USDC(USDC) minimum for U.S. Qualified Purchasers.
Ondo's USDY holds third at $1.88B with 16,568 holders and a 3.55% APY. Janus Henderson's Anemoy Treasury Fund sits fourth at $1.32B with an AA+ credit rating from S&P, while Franklin Templeton's BENJI rounds out the top five at $1.02B with a $20 minimum investment. The full ecosystem spans 60,893 holders across 74 assets.
Also Read:Crypto Funds Pull $1.1B In Best Week Since January As Risk Appetite Returns
Why Institutional Backing Matters
BlackRock manages over $10 trillion in assets.
CEO Larry Fink has compared tokenization to the early internet, and BUIDL represents the firm's direct institutional expression of that view.
Circle, the issuer of the second-largest stablecoin by market cap, already moves billions in fiat-equivalent value across blockchain rails daily. USYC extends that infrastructure from dollar settlement into yield-bearing government debt.
These are regulated, compliance-heavy institutions that built products designed to withstand regulatory scrutiny. That distinction carries weight for any institution weighing entry into the space.
Stablecoin Market Context
The stablecoin market reached an all-time high of $318.6B during the same period.
Stablecoins provide dollar liquidity on-chain, while tokenized Treasuries provide yield, and together the two segments form the core of an emerging institutional infrastructure layer that increasingly resembles traditional market structure.
