BlackRock’s USD Institutional Digital Liquidity (BUIDL) fund has reclaimed its status as the largest tokenized US Treasury product, now holding approximately $2.8 billion in assets. The fund has overtaken Circle’s USYC, returning to first place after briefly yielding the position in March 2026.
BUIDL leads tokenized Treasury market
The BUIDL fund, administered by leading asset manager BlackRock, now represents about 18.5% of the tokenized Treasury market, which currently totals $15.1 billion according to data firms monitoring the sector. The remaining market share is distributed among Circle’s USYC and other tokenized products.
As institutional interest in tokenized government securities increased in recent weeks, the total market value for tokenized Treasuries has risen to $16 billion, up from $15 billion. New participants such as Franklin Templeton, listed on the New York Stock Exchange under the ticker BEN, and Ondo Finance have contributed to this expansion.
BUIDL is managed by Securitize, a digital asset platform that now operates the fund across eight blockchain networks, including Ethereum, Solana, Aptos, and BNB Chain. The company reported record first-quarter 2026 revenues driven largely by asset-servicing fees related to BUIDL. Securitize has since completed its own listing on the NYSE.
Mini dictionary: Securitize, a US-based fintech company, specializes in digital asset securities and provides end-to-end tokenization solutions. The company enables the issuance and management of tokenized assets, including funds, equity, and debt instruments across multiple blockchains.
BUIDL now accounts for about 18.5% of the tokenized Treasury market, with total market value rising to $16 billion due to growing institutional demand in recent weeks.
DTCC’s October launch and partnerships in tokenization
The Depository Trust & Clearing Corporation (DTCC), a key clearinghouse that processes most US equities, announced that it plans to commercially launch its DTC tokenization service in October 2026. The move follows successful production trades on July 15, which stress-tested collateral pledges, securities lending, Treasury and repo settlement, and central counterparty margin workflows across the Canton Network and Hyperledger Besu.
Mini dictionary: DTCC (Depository Trust & Clearing Corporation) is a major US financial services company that provides clearing, settlement, and information services for securities transactions. It plays a central role in the post-trade market infrastructure globally.
On December 11, 2025, the US Securities and Exchange Commission (SEC) issued a no-action letter allowing DTC to run this new service for three years on pre-approved blockchains. DTCC’s Industry Working Group now includes more than 50 participants, such as BlackRock, JPMorgan, Goldman Sachs, NYSE, Nasdaq, Circle, and Ondo.
| Project | Launch Timing | Market Position | Key Partners |
|---|---|---|---|
| BUIDL (BlackRock) | Ongoing | Largest, $2.8B AUM | Securitize, multiple blockchains |
| USYC (Circle) | Ongoing | Second largest | Circle |
| DTC Tokenization (DTCC) | October 2026 | New service launching | BlackRock, JPMorgan, Goldman Sachs, etc. |
DTCC estimates that $300 trillion in high-quality liquid assets exist worldwide, with only around 10% to 11% currently deployed as collateral in financial markets. The new tokenization platform aims to enhance the use of such assets for collateralization and other financial purposes.
Production trades conducted by DTCC in July tested various workflows for collateral pledges, securities lending, and settlements across blockchain ecosystems, paving the way for the commercial launch of its tokenization service in October 2026.
tZERO and ICE collaborate on digital securities market
Meanwhile, tZERO has signed a memorandum of understanding with Intercontinental Exchange (ICE), the owner of NYSE, under which tZERO will help design the digital transfer agent and broker-dealer systems for ICE’s planned NYSE-affiliated Digital Trading Platform. ICE, a global operator of clearing houses and exchanges, will also participate in tZERO’s latest funding round and has agreed to license tZERO’s blockchain patent portfolio, which comprises 23 patent families and 103 patents.
The partnership also includes an evaluation of leveraging tZERO tokenized assets as eligible collateral at ICE’s clearing houses as both firms further develop digital securities infrastructure.
Mini dictionary: tZERO is a financial technology firm specializing in blockchain innovation for capital markets, known for its work in digital securities trading technology and tokenized asset infrastructure.
