Securitize’s BUIDL regains title as largest tokenized US Treasury fund

BlackRock’s tokenized US Treasury fund, BUIDL, is back on top. The fund, built and managed through Securitize’s platform, has climbed to roughly $2.8 billion in assets under management, reclaiming its position as the largest tokenized Treasury product on the market after briefly ceding that title to a rival earlier this year.

How BUIDL lost its crown, then took it back

The fund launched on March 20, 2024, and spent most of its life as the undisputed leader in tokenized Treasuries. That changed in March 2026, when Circle’s USYC briefly overtook it in total assets. Continued inflows pushed BUIDL back to the front of the pack by mid-2026, and the $2.8 billion figure now puts comfortable distance between it and the competition. At various points, BUIDL commanded between 40% and 46% of the entire tokenized Treasury market.

The broader tokenized US Treasury market itself has ballooned to an estimated $15 billion to $16 billion. That makes BUIDL’s roughly $2.8 billion slice still significant, even as firms like Ondo and Franklin Templeton carve out their own positions.

What BUIDL actually does

BUIDL, formally called the USD Institutional Digital Liquidity Fund, holds short-term US Treasuries, cash, and repurchase agreements. It targets a net asset value of $1.00 per token, functioning somewhat like a tokenized money market fund.

Investors earn yields that currently range between 3.4% and 4.5% APY depending on prevailing market rates. Those yields accrue daily and get paid out monthly, not in dollars but in additional tokens through a rebasing model.

The fund operates across multiple blockchains, including Ethereum, Solana, Aptos, and BNB Chain. Onboarding requires traditional compliance checks like KYC and AML verification, all handled through Securitize’s infrastructure.

Platforms like Deribit and Crypto.com now accept BUIDL tokens as collateral for trading positions, allowing investors to put their tokens to work in derivatives markets without liquidating the underlying position.

Cumulative dividends paid by the fund have crossed the $100 million mark.

Securitize’s role in the bigger picture

Securitize went public on the NYSE in 2026. The company handles compliance, onboarding, and the technical infrastructure that makes a product like BUIDL possible.

Franklin Templeton was one of the earliest traditional finance players to tokenize a money market fund, launching its on-chain product before BUIDL existed. Ondo Finance has carved out a strong position as well, particularly among crypto-native investors. Circle’s USYC proved it could challenge BUIDL’s dominance, even if only temporarily.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.