Tokenized US Treasuries just crossed $13.53 billion – close enough to $14 billion that the milestone has already been crossed. The detail missing from most headlines, however, is that this number has increased roughly 50-fold since 2024, and this while the broader crypto market was experiencing one of its most complicated years on record.
It’s a signal about what kind of crypto product institutional money actually trusts – and who’s building it.
Circle and BlackRock are at the top of this market, and that matters more than the raw number. Here’s what’s really happening below that number.
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The RWA market today: $13.53 billion spread across 74 assets
As of April 12, 2026, the tokenized Treasury sector recorded a weekly gain of 0.63% to $13.53 billion – the largest segment within a total RWA market now valued at $29.22 billion.
To put this growth in context: the market started 2024 at around $750 million. It added $2.12 billion in the first two months of 2026 alone, surpassing stablecoin growth in absolute terms for the first time.
The top five products account for $9.31 billion, or 68.8% of the entire industry. Circle’s USYC leads with $2.67 billion, largely structured for non-US investors and domiciled in Bermuda. BlackRock’s BUIDL comes in second with $2.42 billion, managed through Securitize, and targets qualified US buyers with a minimum entry of $5 million USDC. This is not a retail product. Ondo’s USDY ranks third at $1.88 billion with 16,568 holders and an APY of 3.55% – the widest spread of the top three.
Janus Henderson’s Anemoy Treasury Fund (JTRSY) rounds out fourth place with $1.32 billion, boasting an AA+ credit rating from S&P and focusing on short-term Treasuries. Franklin Templeton’s BENJI ranks fifth with $1.02 billion, notable for its minimum investment of $20 – the lowest barrier to entry into the top segment, by far. The full ecosystem has 60,893 holders across 74 distinct assets.
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Why BlackRock and Circle, leaders in this crypto market, are changing categories
BlackRock manages more than $10 trillion in assets. When Larry Fink compares tokenization to the early days of the internet – which he explicitly has – this isn’t a CEO chasing a trend.
It is the world’s largest asset manager that signals where product custody, settlement and distribution is headed. BlackRock’s broader commitment to crypto has been growing steadily, and BUIDL is the RWA institutional expression of that belief.
Circle, on the other hand, is the issuer of USDC – the second largest stablecoin by market capitalization. Their infrastructure is already moving billions in fiat-equivalent value on the blockchain rails daily. USYC sits at the top of this plumbing, extending Circle’s reach from dollar settlement to yield-bearing government debt. These are not crypto-native startups experimenting with DeFi mechanics.
These are regulated, compliance-heavy institutions that have created products specifically designed to withstand regulatory scrutiny – and this distinction is extremely important for any institution considering entering this sector.
The stablecoin market simultaneously hitting an all-time high of $318.6 billion is not a stand-alone story. Stablecoins and tokenized Treasuries are two ends of the same institutional infrastructure: one provides on-chain dollar liquidity, the other provides yield.
Together, they form the basis of a parallel financial layer that begins to resemble less of an experiment and more of a market structure.
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