BlackRock’s BUIDL, its USD Institutional Digital Liquidity Fund, has narrowly overtaken Circle’s USYC to become the second-largest tokenized U.S. Treasury fund. Token Terminal data place the tokenized U.S. Treasury market at about $15.1 billion, with BUIDL near $2.8 billion and roughly 18.5% share. Rankings have flipped repeatedly: USYC grew from about $600 million to nearly $3 billion in 2025 and by late August 2026 stood around $2.9 billion, just above BUIDL’s approximately $2.7 billion, while more recent tallies listed Sky’s uSDS first at $4.4 billion and BUIDL and USYC clustered near $2.28 billion each. Tether’s XAUT registered around $2.8 billion but is a tokenized commodity rather than a Treasury fund, and the thin gap means institutional inflows or withdrawals can quickly reorder the standings. BlackRock has also launched tokenized money market funds BSTBL on Ethereum and BRSRV on Solana as reserve assets for stablecoins, a market of roughly $305 billion, extending the same institutional product across both networks. Securitize administers BUIDL across eight blockchains and reported record first-quarter 2026 revenue tied largely to the fund after its NYSE listing, while earlier coverage cited broader market expansion toward $16 billion with demand from Franklin Templeton and Ondo Finance. DTCC plans to open its DTC tokenization service commercially in October 2026, and on August 31, 2026, tZERO and Intercontinental Exchange signed a memorandum of understanding to develop a Digital Trading Platform and said they will consider using tokenized assets as collateral.