Tokenized US Treasuries $10 Billion Milestone: Ondo USDY vs BlackRock BUIDL vs thBILL Yields and Liquidity 2026
The tokenized US Treasuries market just crossed a monumental $10 billion threshold in total value locked as of January 2026, up over 50 times from early 2024 levels. This surge signals more than hype; it’s proof that institutions are wiring blockchain into their core strategies for yield and liquidity. Leading the charge are Ondo USDY, BlackRock BUIDL, and thBILL, each carving distinct paths in this on-chain evolution.
What started as niche experiments has become indispensable infrastructure. Picture this: stable, yield-bearing assets settling instantly across chains, no T and 1 drama. Amid crypto volatility, these tokens offer a flight-to-quality play, blending Treasury safety with DeFi speed. Ondo USDY boasts around $590 million in market cap with a compelling 5.1% APY, backed by short-term Treasuries and bank deposits. BlackRock’s BUIDL, at roughly $2.5 billion or 28% market share, delivers about 4% yield post-fees, prioritizing institutional-grade stability. Then there’s thBILL from Theo Network, emerging as a liquidity-focused contender in the t-bill token space.
Ondo USDY Yields Take the Crown in a Competitive Field
Ondo USDY stands out for yield chasers. Clocking 5.1% APY, it edges out rivals by investing in short-duration Treasuries and cash equivalents. This isn’t just a number; it’s real returns accruing 24/7, mintable and redeemable across Ethereum, Solana, and even XRP Ledger. For investors tired of stagnant stables, USDY delivers onchain treasuries liquidity without lockups. Its $590 million cap, spanning 17-25% of the market, reflects crypto-native appeal. Ondo has democratized access, letting everyday traders stack yield while institutions test DeFi ramps.
Critics might nitpick the slightly higher risk profile from multi-chain exposure, but USDY’s track record silences doubters. In a world where best t-bill tokens 2026 are judged by utility, Ondo flips the script on accessibility.
BlackRock BUIDL: The Institutional Anchor Under Pressure
BlackRock’s BUIDL remains the gorilla in the room, with $2.5 billion underscoring TradFi’s blockchain bet. Yield hovers at 4% after 0.2-0.5% fees, accruing daily alongside on-chain settlements. It’s built for the suits: seamless for hedge funds parking billions. Yet, recent flips by challengers like Circle’s USYC highlight cracks. BUIDL’s strength lies in brand trust and liquidity tailored for big players, but as tokenized US treasuries 10 billion grows, it can’t rest on laurels.
Read how these assets became the fastest-growing on-chain assets. BUIDL’s edge? Proven scale and compliance, making it the safe pick amid regulatory fog.
thBILL Enters the Fray: Liquidity Innovation from Theo Network
thBILL rounds out the trio, positioning as a nimble t-bill token via Theo Network. While exact cap figures trail leaders, its focus on hyper-liquidity resonates in 2026’s fragmented markets. Think instant swaps and deep pools for collateral use. Paired with USDY’s yields and BUIDL’s stability, thBILL targets traders needing frictionless access. As tokenized treasuries mature, expect thBILL to capture share through DeFi integrations.
Ondo USDY vs BlackRock BUIDL vs thBILL: Yields, Liquidity & Market Share (Jan 2026)
| Metric | Ondo USDY | BlackRock BUIDL | thBILL |
|---|---|---|---|
| Annual Yield/APY | 5.1% | 4% | N/A |
| Market Cap | $590M | $2.5B | N/A |
| Market Share | 17-25% | ~28% | N/A |
| Liquidity Features | 24/7 multi-chain (Ethereum, Solana, XRP Ledger) | Daily settlements & yield accruals | Liquidity-focused, Theo Network integrations |
This trifecta drives the $10B milestone, each excelling where others lag. Yields favor USDY, scale BUIDL, innovation thBILL. Investors now weigh trade-offs in a maturing arena. Institutional flight to yield during corrections amplified this, cementing tokenized US Treasuries as portfolio staples.
But what does 2026 hold for these best t-bill tokens 2026? Projections point to explosive growth as tokenized treasuries integrate deeper into DeFi collateral pools and margin trading on platforms like Bybit and Deribit. Ondo USDY’s multi-chain prowess positions it for retail explosion, potentially doubling its $590 million cap if APY holds above 5%. BlackRock BUIDL, with its $2.5 billion fortress, eyes TradFi conversions, but must innovate beyond daily settlements to match crypto speed. thBILL, leveraging Theo Network’s infrastructure, could surge via specialized liquidity layers, turning it into the go-to for high-frequency strategies.
Tokenized US Treasuries 6-Month Price Performance: Ondo USDY vs BlackRock BUIDL vs thBILL
Side-by-side comparison of price stability and growth for key tokenized US Treasuries against stablecoins and related assets (Ethereum, Solana, Ondo Finance) as of 2026-01-28
| Asset | Current Price | 6 Months Ago | Price Change |
|---|---|---|---|
| Ondo USDY | $1.11 | $1.10 | +0.9% |
| BlackRock BUIDL | $0.000148 | $0.000145 | +1.7% |
| thBILL | $1.01 | $1.00 | +1.4% |
| USD Coin (USDC) | $1.00 | $1.00 | +0.0% |
| Tether (USDT) | $1.00 | $1.00 | +0.0% |
| Dai (DAI) | $1.00 | $1.00 | +0.0% |
| Ondo Finance (ONDO) | $0.3406 | $0.3200 | +6.5% |
| Ethereum (ETH) | $3,022.69 | $2,800.00 | +7.2% |
| Solana (SOL) | $127.05 | $120.00 | +5.9% |
Analysis Summary
Over the past six months, tokenized US Treasuries such as Ondo USDY (+0.9%), BlackRock BUIDL (+1.7%), and thBILL (+1.4%) have demonstrated slight price appreciation while maintaining near-dollar stability, outperforming traditional stablecoins (0.0% change). Related assets like Ondo Finance (+6.5%), Ethereum (+7.2%), and Solana (+5.9%) reflect stronger growth amid moderate market expansion.
Key Insights
- Tokenized treasuries show modest gains (0.9%-1.7%), indicating yield accrual and premium stability over plain stablecoins.
- Stablecoins USDC, USDT, and DAI remain perfectly pegged with 0.0% change.
- Ecosystem tokens ONDO (+6.5%), ETH (+7.2%), and SOL (+5.9%) highlight positive broader crypto market trends supporting tokenized asset growth.
Prices and 6-month changes (from approx. 2025-08-01 to 2026-01-28) sourced exclusively from provided real-time CoinGecko historical data. Changes calculated as percentage increase; table focuses on price performance only, not yields, TVL, or liquidity.
Data Sources:
- Main Asset: https://www.coingecko.com/en/coins/ondo-us-dollar-yield/historical_data
- BlackRock BUIDL: https://www.coingecko.com/en/coins/buidl/historical_data
- Theo Network thBILL: https://www.coingecko.com/en/coins/theo-network-thbill/historical_data
- USD Coin: https://www.coingecko.com/en/coins/usd-coin/historical_data
- Tether: https://www.coingecko.com/en/coins/tether/historical_data
- Dai: https://www.coingecko.com/en/coins/dai/historical_data
- Ondo Finance: https://www.coingecko.com/en/coins/ondo-finance/historical_data
- Ethereum: https://www.coingecko.com/en/coins/ethereum/historical_data
- Solana: https://www.coingecko.com/en/coins/solana/historical_data
Disclaimer: Cryptocurrency prices are highly volatile and subject to market fluctuations. The data presented is for informational purposes only and should not be considered as investment advice. Always do your own research before making investment decisions.
Liquidity tells another story. USDY shines with 24/7 mints across Ethereum, Solana, and XRP Ledger, no gates for qualified buyers. BUIDL’s daily accruals suit institutions pacing billions, but weekends sting. thBILL ups the ante, promising sub-second swaps and deep order books via Theo’s tech, ideal for arbitrageurs riding volatility waves. Onchain treasuries liquidity isn’t buzz; it’s the unlock for tokenized assets hitting prime-time portfolios.
Navigating Risks and Regulatory Winds
No rose without thorns. Custody risks linger, with issuers like Ondo and BlackRock leaning on trusted vaults, but smart contract exploits hover. Regulatory clarity beckons: SEC nods for BUIDL pave paths, yet thBILL’s DeFi tilt invites scrutiny. Investors savvy to this blend caution with conviction, diversifying across the trio. As institutional flight to safety patterns repeat, these tokens prove resilient anchors.
Zoom out, and the $10 billion milestone spotlights a hybrid future. Ondo USDY empowers the masses with top Ondo USDY yields, BlackRock BUIDL anchors the giants via BlackRock BUIDL tokenized treasury trust, and thBILL ignites traders with thBILL Theo Network speed. Liquidity cascades will define winners: expect USDY to nibble BUIDL’s share through accessibility, thBILL to niche-dominate active trading. By mid-2026, total TVL could triple, fueled by RWA ETFs and chain-agnostic protocols.
For financial pros eyeing edges, stack USDY for yield, BUIDL for ballast, thBILL for flow. This isn’t speculation; it’s the new fixed-income playbook, where blockchain breathes life into Treasuries. The $10 billion mark is just the floor.
