Key points to remember:
- Data from rwa.xyz shows that tokenized Treasuries reached $15.20 billion in May; the growth signals increasing on-chain demand.
- Circle’s USYC leads at $2.91 billion, while Blackrock BUIDL at $2.58 billion reflects institutional traction.
- The top 10 exceed $13.9 billion combined; multi-chain expansion can lead to further adoption across networks.
Top 10 Tokenized Treasury Funds Surpass $13.9 Billion as Institutional Demand Accelerates
Tokenized Treasuries continue to grow after surpassing the $15 billion threshold in April. Data from rwa.xyz indicates that out of 71 assets, 58,658 unique addresses currently hold these on-chain instruments. Based on market figures observed this weekend, the top five US Treasury tokenized products are led by Circlethe USYC, with a total value of $2.91 billion.
USYC operates on three blockchainsincluding BNBEthereum and Solana. THE Blackrock USD Institutional Digital Liquidity Fund (BUIDL) follows in second place. THE SecuritizeIssued assets are valued at $2.58 billion, reflecting an increase of almost one percentage point from the previous week. BUIDL is hosted on eight unique sites blockchain networks according to rwa.xyz.
Rounding out the top five is Ondo US Dollar Yield (USDY) at $2.14 billion, the Franklin Onchain US Government Money Fund (BENJI), overseen by Franklin Templetonat $2.05 billion, and the Janus Henderson Anemoy Treasury Fund (JTRSY), which stands at $1.24 billion. Collectively, these five products represent a market valuation of approximately $10.92 billion.
The remaining $4.28 billion is spread across 66 additional assets. Positions six through ten include the Wisdomtree Government Money Market Digital Fund (WTGXX), with a market capitalization of $978.06 million, followed closely by the Superstate Short Duration US Government Securities Fund (USTB), which holds $814.13 million.
The Ondo Short-Term US Government Bond Fund (OUSG) ranks eighth with $682.37 million, followed by the ChinaAMC USD Digital Money Market Fund Class I (CUMIU) with $547.56 million. Closing out the top ten is the Spiko US T-Bills Money Market Fund (USTBL), which has a valuation of $153.32 million this weekend. The tokenized Treasuries ranked six through ten exceed the total value of $3 billion.
As capital continues to concentrate among major emitters, tokenized Treasuries appear to be settling into a more defined hierarchy in 2026. While dominant funds retain a significant share of the market, the scale of smaller offerings suggests continued diversification across issuers and chains.
If current issuance and adoption trends persist, and many insist they will, the sector will likely continue to attract both institutional and onchain players seeking productive, dollar-linked exposure.
