BlackRock, five others account for 88% of all tokenized treasury issuance

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New data from RWA.xyz, a platform tracking tokenized real-world assets, shows that six entities are responsible for 88% of all tokenized US Treasurys. The data suggests a concentration among a few funds as the market continues to develop.

The largest issuer of tokenized treasures continues to be BlackRock. The company’s tokenized US treasury fund, called BUIDL, has a market capitalization of $2.5 billion, 360% higher than its nearest competitor. BlackRock disclosed a total of $11.6 trillion in assets under management in the first quarter of 2025.

Rounding out the top six are Franklin Templeton’s BENJI, with a market capitalization of $707 million, Superstate’s USTB at $661 million, Ondo’s USDY at $586 million, Circle’s USYC at $487 million, and Ondo’s OUSG fund holding assets worth $424 million. Together, those six funds account for 88% of all tokenized treasuries issued.

A chart of the top six tokenized treasury funds by market cap. Source: RWA.xyz

According to RWA.xyz data, the largest tokenized treasury funds have seen consolidation since the beginning of 2025. Of the top six funds, only Circle’s USYC experienced a decline in market cap over the past few months.

Notably, BUIDL’s market cap increased by 291% from Jan. 1 to April 24. It now makes up 41.1% of the total tokenized US Treasurys market cap.

Tokenized treasury funds market cap over time graph. Source: RWA.xyz

Centralization of tokenized RWAs has a dark side: MEXC

According to Tracy Jin, chief operating officer of MEXC, the centralization of tokenized real-world assets has a dark side, especially if those RWAs are on permissioned or semi-centralized blockchains.

“Most tokenized assets will be issued on permissioned or semi-centralized blockchains,” Jin told Cointelegraph. “This gives authorities the power to issue restrictions or confiscate assets. The tokenization of assets such as real estate or bonds is still tied to the national legal system.”

The tokenized real-world asset market is expected to boom in 2025. The trend is driven by regulatory clarity, interoperability, solutions for liquidity, the evolution of identity from physical to digital, and even fractional ownership. According to RWA.xyz, the sector total market cap reached a high of $21.3 billion on April 21.

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