Circle overtakes BlackRock in tokenized Treasuries as market hits record $11 billion

Circle’s USYC tokenized U.S. Treasury fund has grown to $2.2 billion, surpassing BlackRock’s BUIDL fund as investors increasingly seek onchain yield and collateral. What to know : Circle's USYC token has become the largest tokenized U.S. Treasury product, with about $2.2 billion in supply, overtaking BlackRock's BUIDL fund. Much of USYC's recent growth is tied to its use on BNB Chain, with Binance introducing the token as off-exchange collateral for institutional derivatives trading. The overall market for tokenized U.S. Treasuries has surged to a fresh record of over $11 billion, up 27% this year, fueled by investor demand for yield and a place to park capital during the crypto downturn.