The total value of tokenized US Treasuries has exceeded $10 billion, marking a significant milestone. Circle's USYC has overtaken BlackRock's BUIDL as the leading tokenized Treasury product. As of January 22, USYC held $1.69 billion in assets under management, slightly surpassing BUIDL's $1.684 billion. Over the past month, USYC's assets grew by 11%, while BUIDL's contracted by 2.85%. According to reports, this shift is attributed to USYC's distribution through exchange collateral rails, particularly its early integration into platforms like Binance. Circle's strategic positioning of USYC as yield-bearing collateral within its existing ecosystem has also contributed to its success. The development highlights the importance of collateral workflow design over brand recognition in the tokenized Treasury market.

The total value of tokenized US Treasuries has exceeded $10 billion, marking a significant milestone. Circle's USYC has overtaken BlackRock's BUIDL as the leading tokenized Treasury product. As of January 22, USYC held $1.69 billion in assets under management, slightly surpassing BUIDL's $1.684 billion. Over the past month, USYC's assets grew by 11%, while BUIDL's contracted by 2.85%. According to reports, this shift is attributed to USYC's distribution through exchange collateral rails, particularly its early integration into platforms like Binance. Circle's strategic positioning of USYC as yield-bearing collateral within its existing ecosystem has also contributed to its success. The development highlights the importance of collateral workflow design over brand recognition in the tokenized Treasury market.