Tokenized US Treasury products have crossed $15 billion in on-chain market cap for the first time, a milestone reached in May 2026. The number represents a tripling from roughly $5 billion just 14 months prior.
Who’s winning the tokenized Treasury race
Circle’s USYC token sits at the top of the leaderboard with approximately $3.0 billion in value. BlackRock’s BUIDL fund follows at around $2.67 billion. Franklin Templeton’s BENJI and iBENJI suite collectively accounts for about $2.45 billion. Ondo’s USDY rounds out the major players at roughly $2.15 billion in value.
Together, the five largest products represent approximately 71% of the total market near the $15 billion mark.
As of August 3, 2026, data from rwa.xyz shows the sector has reached $16.16 billion distributed across 85 separate assets with around 62,948 holders. That’s a 4% increase within the prior month alone.
