BlackRock's BUIDL retakes tokenized Treasury crown at $2.8 billion

BlackRock’s BUIDL fund has grown back to roughly $2.8 billion in assets and reclaimed its title as the largest tokenized U.S. Treasury product. 

BUIDL is taking the lead back from Circle’s USYC. At the same time, Depository Trust & Clearing Corporation (DTCC) and NYSE owner Intercontinental Exchange (ICE) are moving their tokenization plans closer to launch.

What token occupies the top spot in the U.S. Treasury? 

BUIDL, formally known as the USD Institutional Digital Liquidity Fund, has reclaimed its position as the lead in the U.S. treasury after it lost it to Circle’s USYC in March 2026. 

The fund currently holds about $2.8 billion in assets, accounting for about 18.5% of a tokenized Treasury market that data trackers put at $15.1 billion. The remaining 81.5% is split among USYC and everyone else.

The overall market is slightly higher at $16 billion, up from $15 billion in recent weeks due to an increase in institutional demand. Franklin Templeton (NYSE: BEN) and Ondo Finance are among the newer names contributing to the increase.

Securitize, which built BUIDL, now handles the fund across eight blockchains, including Ethereum, Solana, Aptos, and BNB Chain. 

The company posted record first-quarter 2026 revenue on the asset-servicing fees tied largely to BUIDL, and has since listed on the NYSE.

What is DTCC launching in October? 

Depository Trust & Clearing Corporation (DTCC), which clears most U.S. equity activity, announced back in May that it plans to open its DTC tokenization service commercially in October 2026. 

In regard to that, the company completed production trades on July 15 that stress-tested collateral pledges, securities lending, Treasury and repo settlement, and CCP margin workflows across the Canton Network and Hyperledger Besu.

The SEC issued a no-action letter clearing DTC to run the service for three years on pre-approved blockchains on December 11, 2025. DTCC’s Industry Working Group now counts more than 50 firms, including BlackRock, JPMorgan, Goldman Sachs, NYSE, Nasdaq, Circle, and Ondo. 

DTCC data puts $300 trillion in global high-quality liquid assets on the table, of which only 10% to 11% currently gets used as collateral.

On August 31, 2026, tZERO and ICE (NYSE: ICE) also signed a memorandum of understanding under which tZERO will help design the digital transfer agent and broker-dealer systems for ICE’s planned NYSE-affiliated Digital Trading Platform.

ICE also agreed to put money into tZERO’s latest funding round. In addition, ICE will license tZERO’s blockchain patent portfolio, which includes 23 patent families and 103 patents, according to tZERO.

The two firms said they will consider using tZERO tokenized assets as collateral at ICE’s clearing houses.

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