BlackRock is setting the stage as a leader in tokenisation, promising faster settlement, lower costs, and 24/7 trading by turning traditional financial instruments into digital tokens.
As this technology gains traction, the race to issue and manage these digital Treasuries is heating up.
New figures from RWA.xyz show that six issuers control 88% of all tokenised U.S. Treasuries. The data covers tokenised funds active through April 24, 2025.
This trend highlights growing centralisation in the market as real-world assets shift onto blockchains.
Major Players Lead the Pack
BlackRock tops the list with its BUIDL fund valued at $2.5 billion. That size is 360% larger than its closest rival. Franklin Templeton’s BENJI follows at $707 million. Superstate’s USTB holds $661 million.
Ondo Capital runs two funds, USDY at $586 million and OUSG at $424 million. Circle’s USYC rounds out the group with $487 million. These six together account for nearly nine-tenths of tokenised Treasuries.
Market Moves and Trends
Since the start of 2025, these top funds have consolidated their lead. Only Circle’s USYC saw its market cap slip slightly in recent months.
Meanwhile, BUIDL surged by 291% between January 1 and April 24. That gain means BUIDL alone now represents 41.1% of the entire tokenised US Treasury market.
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Implications of Centralisation
This level of concentration carries risks. Tracy Jin, COO of MEXC, warns that most tokenised assets live on permissioned or semi-centralised blockchains.
She points out that governments or platforms could impose restrictions or seize digital tokens, since their legal status ties back to national laws. High concentration in a few issuers could magnify those concerns.
BlackRock is further expanding its role with a $533 million DeFi-focused fund. Tokenised by Securitise, this new vehicle will tap into the Elixir deUSD protocol, allowing institutional Treasuries to flow into decentralised finance. This move could open fresh yield opportunities for traditional asset managers.
A Growing Sector
Despite centralisation worries, the tokenised real-world asset market is booming. RWA.xyz reports that the total sector cap hit $21.3 billion on April 21.
Experts credit the rise to clearer regulations, better ways to trade across chains, growing liquidity tools, digital identity solutions, and the appeal of owning fractional shares in big assets like bonds or real estate.
As tokenised U.S. Treasuries expand, a handful of funds dominate the scene. This concentration brings efficiency and scale but also raises questions over control and regulatory power.
Watching how issuers, regulators and platforms address these challenges will shape the future of tokenised real-world assets.
Also Read: Tokenized Treasuries Have Yield Benefits But Will Not Replace Stablecoins, Says JP Morgan