New data from RWA.xyz reveals that six entities dominate 88% of all tokenized US Treasurys, indicating a concentrated market as it evolves. BlackRock leads as the largest issuer with its BUIDL tokenized US treasury fund, boasting a $2.5 billion market cap, surpassing its closest competitor by 360%. BlackRock manages $11.6 trillion in assets. The top six also include Franklin Templeton’s BENJI, Superstate’s USTB, Ondo’s USDY, Circle’s USYC, and Ondo’s OUSG, holding assets worth millions. These funds collectively issue 88% of tokenized treasuries. Recent data from RWA.xyz shows consolidation among the largest tokenized treasury funds, with Circle’s USYC being the only one experiencing a market cap decline. BUIDL saw a 291% increase from Jan. 1 to April 24, now representing 41.1% of the total tokenized US Treasurys market cap. The centralization of tokenized real-world assets raises concerns, as MEXC’s COO Tracy Jin warns about the risks associated with assets on permissioned or semi-centralized blockchains. The tokenized real-world asset market is anticipated to flourish in 2025 due to regulatory clarity, interoperability, liquidity solutions, digital identity advancement, and fractional ownership, with the sector reaching a $21.3 billion market cap on April 21, according to RWA.xyz.
