Coinspeaker
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Circle’s USYC Surpasses BlackRock’s BUIDL as Largest Tokenized Treasury Fund

Circle's USYC has surpassed BlackRock's BUIDL as the largest tokenized money market fund, holding U.S. Treasury securities on blockchain networks.

  • USYC assets reached $1.69 billion, compared to BUIDL's $1.68 billion, with a 11% growth for USYC and a 2.85% decline for BUIDL in 30 days.
  • Binance holds $1.43 billion of USYC, which is 94% of its total supply. This partnership greatly influenced USYC's growth.

Arkham Intelligence data showing Circle USYC top holders by entity. Binance controls 94.19% of the total supply at $1.43 billion, followed by Usual Treasury at 3.22%. | Source: Arkham Intelligence

Binance Partnership Impact

  • Circle partnered with Binance in July 2025, allowing institutional clients to use USYC for trades on the exchange.
  • Approximately $1.4 billion of USYC is deployed on Binance's blockchain network.
  • The partnership follows Circle’s acquisition of Hashnote, the original issuer of USYC, in January 2025.

Holder Distribution Comparison

  • BlackRock's BUIDL has a more diversified holder base with 103 holders, though its top 10 account for over 95% of its value.
  • The tokenized treasury market totals $10.07 billion, with USYC and BUIDL comprising about one-third.
  • Both funds focus on short-duration U.S. Treasury securities for institutional investors seeking digital assets.