Tokenized US Treasuries Hit 40% RWA TVL Share: BlackRock BUIDL Ondo USDY Breakdown 2026
In the evolving landscape of real-world asset (RWA) tokenization, tokenized U. S. Treasuries have solidified their position as the undisputed leader, now commanding approximately 40% of total RWA TVL as of early 2026. With a combined value exceeding $9.57 billion, these digital renditions of T-bills, notes, and bonds are reshaping fixed-income investing. Driven by institutional heavyweights and DeFi innovators, this surge reflects a broader convergence of traditional finance and blockchain, where liquidity, yield, and composability reign supreme. At the forefront stand BlackRock’s BUIDL, Ondo Finance’s USDY, and Franklin Templeton’s BENJI, capturing the lion’s share of this market.
Tokenized US Treasuries: 6-Month Price Comparison
BlackRock BUIDL, Ondo USDY, Franklin BENJI & Peers (40% RWA TVL Share Breakdown)
| Asset | Current Price | 6 Months Ago | Price Change |
|---|---|---|---|
| BUIDL | $1.00 | $1.00 | +0.0% |
| USDY | $1.09 | $1.09 | +0.0% |
| BENJI | $1.00 | $1.00 | +0.0% |
| TBILL | $1.00 | $1.00 | +0.0% |
| USDM | $0.9999 | $1.00 | -0.0% |
| STBT | $0.9926 | $1.00 | -0.7% |
| USYC | $1.11 | $1.00 | +11.0% |
| USDC | $1.00 | $1.00 | +0.0% |
Analysis Summary
Tokenized U.S. Treasuries display exceptional stability over 6 months, with most assets at or near $1.00 peg. BUIDL, BENJI, TBILL, and USDC show zero change, USDY stable at premium, while USYC gains +11.0% and STBT/USDM minor discounts.
Key Insights
- BlackRock BUIDL perfectly stable (+0.0%), leading with 40% RWA TVL share ($2.9B).
- Ondo USDY maintains $1.09 peg (+0.0%), part of $1.4B Ondo TVL.
- Franklin BENJI unchanged (+0.0%) at $1.00 with $1.8B AUM (24% share).
- USYC outperforms with +11.0% appreciation to $1.11.
- STBT at slight -0.7% discount; USDM -0.0%, highlighting low volatility.
- Total tokenized Treasuries TVL: $10.07B amid RWA market growth to $24B+.
Prices and 6-month historical data sourced exclusively from provided CoinGecko real-time data (e.g., 2025-08-12 for BUIDL). Percentage changes formatted as provided. Updated 2026-02-08.
Data Sources:
- Main Asset: https://www.coingecko.com/en/coins/blackrock-usd-institutional-digital-liquidity-fund
- Ondo US Dollar Yield: https://www.coingecko.com/en/coins/ondo-us-dollar-yield
- Franklin OnChain U.S. Government Money Fund: https://www.coingecko.com/en/coins/franklin-onchain-u-s-government-money-fund
- OpenEden TBILL: https://www.coingecko.com/en/coins/openeden-tbill
- Mountain USDM: https://www.coingecko.com/en/coins/mountain-usdm
- Superstate STBT: https://www.coingecko.com/en/coins/superstate-stbt
- Matrixdock USYC: https://www.coingecko.com/en/coins/matrixdock-usyc
- USD Coin: https://www.coingecko.com/en/coins/usd-coin
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.
Tokenized Treasuries Surge to $9.57 Billion Amid RWA Expansion
The tokenized U. S. Treasuries market has ballooned from a modest $5 billion in 2022 to over $9.57 billion by mid-2025, outpacing other RWA categories like private credit, which holds just 58% in a $33 billion total ecosystem per some analytics. This growth, fueled by a and 85% yearly spike in 2025, positions Treasuries as the tokenized US treasuries 40% RWA benchmark. Platforms like RWA. xyz track this meticulously, revealing how Treasury-focused funds now dominate public blockchains.
What sets this apart is not just scale but utility. These assets offer 4-5% annual yields from underlying short-term government securities, far surpassing traditional savings rates, while enabling 24/7 trading and DeFi integration as collateral for lending protocols. Institutional flight to these safe havens during crypto volatility underscores their role as a bridge asset, blending the stability of U. S. debt with blockchain efficiency.
BlackRock BUIDL Leads with $2.9 Billion and 40% Market Share
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) exemplifies institutional adoption, amassing over $2.9 billion in AUM and claiming a commanding 40% share of the tokenized Treasuries market. Launched on Ethereum and expanded to multiple chains, BUIDL invests in cash equivalents and short-term Treasuries, delivering steady returns with the backing of the world’s largest asset manager boasting $10 trillion in total AUM.
This dominance stems from BlackRock’s rigorous compliance framework, appealing to pensions, endowments, and family offices wary of pure crypto plays. BUIDL’s TVL growth reflects broader trends: in a year of market corrections, investors sought blackrock buidl tvl 2026 stability. Its price hovers at $0.000095, with a recent 24-hour gain of and 0.0809%, signaling sustained interest. By tokenizing familiar instruments, BUIDL lowers barriers, enabling fractional ownership and instant settlements that traditional funds can’t match.
Critically, BUIDL’s composability shines in DeFi. Holders can deploy it as collateral on platforms like Aave or Morpho, earning additional yields without selling. This rwa treasuries blackrock innovation is pivotal, as it transforms passive holdings into active capital, a feature traditional money market funds lack.
Ondo USDY’s Yield-Driven Ascent to $1.4 Billion TVL
Ondo Finance’s USDY has carved a niche with $1.4 billion in TVL, propelled by its focus on accessible, high-yield tokenized Treasuries. Offering 4-5% returns backed by BlackRock’s cash funds and T-bills, USDY appeals to crypto natives seeking ondo usdy rwa dominance. Recent data from Ondo positions it as the largest provider overall, with $2 billion across products, underscoring its momentum.
Unlike pure institutional plays, USDY emphasizes DeFi utility. It’s natively composable, serving as prime collateral in lending markets and liquidity pools, amplifying returns through leveraged strategies. This has driven weekly TVL jumps, as noted in Arkham Research, where USDY emerged a top gainer amid a 7% sector rally.
BlackRock BUIDL (BUIDL) Price Prediction 2027-2032
Forecast based on 2026 RWA tokenization trends, tokenized US Treasuries growth to 40% TVL share, and BUIDL TVL projections exceeding $4B
| Year | Minimum Price | Average Price | Maximum Price | YoY % Change (Avg) |
|---|---|---|---|---|
| 2027 | $0.000085 | $0.000140 | $0.000250 | +47% |
| 2028 | $0.000120 | $0.000250 | $0.000500 | +79% |
| 2029 | $0.000200 | $0.000450 | $0.001000 | +80% |
| 2030 | $0.000350 | $0.000850 | $0.002200 | +89% |
| 2031 | $0.000600 | $0.001500 | $0.004000 | +76% |
| 2032 | $0.001000 | $0.002800 | $0.007500 | +87% |
Price Prediction Summary
BlackRock BUIDL price is projected to experience substantial growth from its 2026 level of ~$0.000095, driven by RWA sector expansion and tokenized Treasuries dominance. Average prices could climb 20x to $0.002800 by 2032 in baseline scenarios, with maximums reflecting bull market surges up to $0.007500 amid high TVL inflows and yields of 4.5-5.5%. Minimums incorporate bearish corrections tied to crypto cycles.
Key Factors Affecting BlackRock BUIDL Price
- Surge in tokenized US Treasuries TVL to over $10B, with BUIDL at 40%+ share
- Institutional leadership from BlackRock ($4B TVL target), Ondo USDY ($2.5B), Franklin BENJI ($2.2B)
- Regulatory clarity boosting RWA adoption and DeFi integration
- Competitive yields (4.5-5.5%) vs. traditional finance attracting capital
- Crypto market cycles: bull runs in 2029-2032 amplifying growth
- Technological advancements in blockchain liquidity and transparency
Disclaimer: Cryptocurrency price predictions are speculative and based on current market analysis.
Actual prices may vary significantly due to market volatility, regulatory changes, and other factors.
Always do your own research before making investment decisions.
Investors value USDY’s transparency: on-chain attestations verify reserves, mitigating counterparty risks that plagued earlier stablecoins. In a maturing market, Ondo’s model proves that yield plus programmability equals explosive growth, challenging even BlackRock’s scale.
Franklin Templeton’s BENJI fund rounds out the top trio, holding $1.8 billion in TVL for a solid 24% market share in tokenized Treasuries. This on-chain money market fund targets short-duration U. S. government securities, mirroring the stability of traditional offerings while unlocking blockchain advantages. BENJI’s appeal lies in its multi-chain deployment, including Stellar and Ethereum, which broadens accessibility for global investors chasing tokenized treasuries market share leaders.
What distinguishes BENJI is its emphasis on regulatory clarity. Franklin Templeton, with its legacy in fixed income, ensures BENJI complies with SEC guidelines, attracting conservative allocators who demand audited reserves and daily NAV calculations. Recent surges have pushed BENJI past $1.8 billion, reflecting investor preference for proven managers in an uncertain rate environment. Yields hover at 4-5%, competitive with peers, but BENJI’s edge emerges in seamless redemptions and integration with custody solutions like Fireblocks.
Top 3 Tokenized US Treasuries Comparison (2026)
| Rank | Fund | TVL | Market Share | Blockchains | Yield (APY) | Key Features |
|---|---|---|---|---|---|---|
| 1 | BlackRock BUIDL | $2.9B | 40% | Ethereum/Multi-chain | – | Institutional Digital Liquidity Fund; market leader backed by BlackRock |
| 2 | Franklin BENJI | $1.8B | 24% | Multi-chain | – | Broad accessibility and liquidity across chains by Franklin Templeton |
| 3 | Ondo USDY | $1.4B | N/A | Multi-chain (DeFi focus) | 4-5% | DeFi composability, yield optimization, and on-chain integration |
Comparative Breakdown: BUIDL, USDY, and BENJI Dominate
Juxtaposing these leaders reveals distinct strategies fueling the tokenized US treasuries 40% RWA milestone. BlackRock’s BUIDL prioritizes scale and institutional trust, its $2.9 billion TVL dwarfing competitors through sheer brand power. Ondo’s USDY counters with DeFi-native design, enabling yield farming and lending that pure TradFi products overlook. BENJI bridges the gap, offering multi-chain flexibility without sacrificing compliance.
This triad controls over 70% of the sector, per RWA. xyz analytics, with total Treasuries at $9.57 billion amid a $24 billion RWA universe. Their success stems from shared traits: underlying T-bills yielding above inflation, on-chain transparency via attestations, and programmability. Yet divergences matter. BUIDL suits long-term holders; USDY thrives in active DeFi strategies; BENJI excels for diversified portfolios. In 2026, this rwa treasuries blackrock ondo dynamic promises further consolidation as yields stabilize around 4.5%.
DeFi Collateral Revolution: US Treasury Tokens as Yield Amplifiers
The true disruption lies in us treasury tokens defi collateral potential. BUIDL, USDY, and BENJI aren’t silos; they’re Lego bricks for DeFi. Deposit USDY into Morpho for 6% and leveraged yields, or use BUIDL on Aave to borrow stablecoins without liquidation risks tied to volatile assets. BENJI’s Stellar integration taps soroban smart contracts for novel composability, like automated yield reinvestment.
This shifts paradigms. Traditional Treasuries sit idle; tokenized versions generate compounded returns 24/7. During 2025’s crypto corrections, TVL inflows spiked as institutions parked funds on-chain, earning superior yields versus bank deposits. Platforms like Bybit and Deribit now accept these as margin collateral, blurring CeFi-DeFi lines and accelerating mainstream adoption.
Looking ahead, expect these products to capture even more RWA share as stablecoin regulations solidify and layer-2 scaling reduces fees. BlackRock’s BUIDL, at $0.000095 with a 0.0809% 24-hour uptick, signals resilience. Ondo’s USDY momentum and BENJI’s steady climb suggest a maturing ecosystem where tokenized Treasuries evolve from safe havens to DeFi powerhouses. Investors bridging TradFi and crypto now have precision tools for yield optimization, liquidity, and transparency, cementing 2026 as the year RWAs truly converge markets.
