Source: Cointelegraph
Original: “BlackRock and five other institutions account for 88% of the total issuance of tokenized treasuries”
According to the latest data from RWA.xyz, a platform tracking the tokenization of physical assets, six institutions control 88% of the tokenized U.S. Treasuries. The data indicates that as the market continues to develop, tokenized treasuries are showing a trend of concentration among a few funds.
BlackRock continues to hold the position of the largest issuer of tokenized treasuries. The company's tokenized U.S. Treasury fund named BUIDL has a market value of $2.5 billion, which is 360% higher than its closest competitor. BlackRock disclosed a total assets under management of $11.6 trillion in the first quarter of 2025.
The other five are: Franklin Templeton's BENJI fund, with a market value of $707 million; Superstate's USTB fund, with a market value of $661 million; Ondo's USDY fund, with a market value of $586 million; Circle's USYC fund, with a market value of $487 million; and Ondo's OUSG fund, holding assets worth $424 million. These six funds together account for 88% of the total issuance of tokenized treasuries.
According to RWA.xyz, since the beginning of 2025, there has been a trend of consolidation among the largest tokenized treasury funds. Among the top six funds, only Circle's USYC fund has seen a decline in market value over the past few months.
Notably, BUIDL's market value increased by 291% from January 1 to April 24. Its current market value accounts for 41.1% of the total market value of tokenized U.S. Treasuries.
MEXC Chief Operating Officer Tracy Jin stated that the centralization of physical asset tokenization poses risks, especially when these RWAs are on permissioned or semi-centralized blockchains.
“Most tokenized assets will be issued on permissioned or semi-centralized blockchains,” Jin said in an interview with Cointelegraph, “which gives regulators the power to impose restrictions or seize assets. Whether it’s the tokenization of real estate or bonds, it remains closely tied to national legal systems.”
The physical asset tokenization market is expected to experience explosive growth in 2025. This trend is driven by regulatory clarity, interoperability, liquidity solutions, the evolution from physical to digital identity, and fractional ownership. According to RWA.xyz, the total market value in this field reached a historic high of $21.3 billion on April 21.
Related: Polygon CEO: DeFi must abandon hype and achieve sustainable liquidity
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