Ondo Finance’s USDY has moved ahead of BlackRock’s BUIDL in the tokenized U.S. Treasury market, with current RWA.xyz data placing USDY at approximately $2.374 billion compared with $2.168 billion for BUIDL. USDY now ranks first among individual Treasury products tracked by RWA.xyz, although its lead over Circle’s roughly $2.373 billion USYC is extremely narrow.
The ranking updates an earlier claim from Ondo that USDY had surpassed BUIDL, but the current leaderboard adds an important competitor to the comparison. USDY leads BUIDL by roughly $205.6 million while sitting only about $687,000 ahead of USYC, meaning relatively modest issuance or redemption activity could change the top position again.
Three Products Now Sit Near the Top
RWA.xyz currently tracks $14.65 billion in distributed tokenized U.S. Treasury value across 120 assets. USDY, USYC and BUIDL together account for nearly $6.92 billion of that market, showing how much value remains concentrated among a small number of large products even as the broader category expands.
That concentration is also visible across individual blockchain deployments. BUIDL recently expanded across nine chains, with its supply distributed heavily across Solana, Avalanche and Ethereum. Multichain availability broadens distribution without necessarily producing equivalent liquidity or usage on every network, a distinction visible in BUIDL’s current nine-chain footprint.
USDY follows a similarly broad distribution model but uses a different legal structure. Ondo describes the token as debt issued by a bankruptcy-remote entity, accessible primarily to eligible non-U.S. investors and backed by short-term U.S. Treasuries and bank deposits. USDY therefore provides Treasury-linked yield without representing direct ownership of Treasury securities or shares in a conventional money market fund.
The product is already distributed across Ethereum, Solana, Stellar, Sei, BNB Chain and other networks. Recent data showed approximately $259 million of USDY located on Sei, but only a much smaller amount classified as actively deployed in DeFi there. On-chain balance and productive financial usage remain separate adoption metrics, even when a tokenized product reaches multibillion-dollar scale.
Ondo Leads at the Platform Level Too
The individual-product ranking should also be separated from issuer and platform rankings. RWA.xyz currently places Ondo first among tokenized Treasury platforms with approximately $3.0 billion across 11 tracked assets, ahead of Franklin Templeton, Circle and Securitize. Ondo’s platform leadership reflects multiple Treasury-linked products rather than USDY alone.
That distinction matters because Ondo has expanded well beyond a single Treasury token. Its broader tokenized-asset footprint has reached roughly $4 billion across multiple products and networks, while the company has also introduced tokenized portfolio strategies based on BlackRock models. Growth across those businesses should not be collapsed into USDY’s market value or treated as additional Treasury issuance.
For now, the clearest market signal is that tokenized Treasury leadership has become competitive enough for the top ranking to change with relatively small balance movements. USDY has decisively moved above BUIDL, but with USYC almost level with it, the current number-one position remains a snapshot rather than evidence of permanent market dominance.