BlackRock

Franklin

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Ondo

<p><a href="https://x.com/Ondo" rel="noopener noreferrer nofollow">@Ondo</a>, the issuer behind <a href="https://x.com/search?q=%24ONDO&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ONDO</a>, 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.</p>
<p>The margin over USYC is about $1 million, so the lead is narrow and could change quickly.</p>
<h2 id="ondo-leads-the-platform-table">Ondo leads the platform table</h2>
<p>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.</p>
<p>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 <a href="https://www.kucoin.com/news/flash/ondo-tokenized-u-s-treasury-reaches-3-billion-usdy-surpasses-buidl" rel="noopener noreferrer nofollow">KuCoin News report citing ChainCatcher</a>. At that point USDY stood at roughly $2.33 billion.</p>
<h2 id="a-tight-race-at-the-top">A tight race at the top</h2>
<p>The top spot in the category has changed hands repeatedly this year. <a href="https://www.coindesk.com/markets/2026/03/13/circle-overtakes-blackrock-in-tokenized-treasuries-as-market-hits-record-usd11-billion" rel="noopener noreferrer nofollow">CoinDesk reported in March</a> 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.</p>
<p>USDY is aimed at non-US investors. According to Ondo's own product page as cited by <a href="https://eco.com/support/en/articles/15210582-top-tokenized-treasury-funds-2026-buidl-ousg-usdy-benji-compared" rel="noopener noreferrer nofollow">Eco's comparison of tokenized Treasury funds</a>, USDY tokens are not offered or sold in the US or to US persons, and the yield is set monthly by Ondo.</p>
<p>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.</p>
<p>With USDY, USYC and BUIDL all within a few hundred million dollars of each other, small inflows or redemptions could change the ranking again.</p>
<h2 id="sources">Sources</h2>
<p><a href="https://app.rwa.xyz/treasuries" rel="noopener noreferrer nofollow">RWA.xyz: Tokenized U.S. Treasury Funds</a><br><a href="https://www.coindesk.com/markets/2026/03/13/circle-overtakes-blackrock-in-tokenized-treasuries-as-market-hits-record-usd11-billion" rel="noopener noreferrer nofollow">CoinDesk: Circle overtakes BlackRock in tokenized Treasuries</a><br><a href="https://www.kucoin.com/news/flash/ondo-tokenized-u-s-treasury-reaches-3-billion-usdy-surpasses-buidl" rel="noopener noreferrer nofollow">KuCoin News: Ondo tokenized Treasury reaches $3 billion</a></p>

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

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