Circle’s Tokenized Treasury Fund Overtakes BlackRock to Set Record High

Tokenized Treasuries put U.S. government bonds and the rights to their yields on blockchain networks, allowing institutional investors to hold, trade and earn returns through digital tokens. The contest between Circle and BlackRock reflects the accelerating push by stablecoin providers and traditional asset managers to build onchain financial infrastructure.

As of July 20, 2026, Circle’s USYC tokenized Treasury fund had reached $2.2 billion, formally overtaking BlackRock’s BUIDL to set a record for the product category. The overall tokenized Treasury market also surpassed $11 billion, indicating continued growth in institutional demand for onchain yield-bearing assets.