Tokenized U.S. Treasury Bonds: Six Entities Control Over 80% of Market Share

A recent analysis by RWA.xyz shows that six major financial institutions dominate the market for tokenized U.S. Treasury bonds, holding a staggering 88% of all issuances. BlackRock, the leading issuer in this sector, boasts a BUIDL fund valued at $2.5 billion, which is over three times larger than its closest competitor. The top six funds also include Franklin Templeton’s BENJI ($707 million), Superstate’s USTB ($661 million), Ondo’s USDY ($586 million), Circle’s USYC ($487 million), and Ondo’s OUSG fund ($424 million). These institutions collectively account for over 88% of all tokenized Treasury bond issuances.