Protocols & Policy · Tokenized Treasuries
Ondo Says It Passed $3 Billion in Tokenized Treasuries as Its USDY Edges Past BlackRock's BUIDL
Ondo says it now manages $3 billion in tokenized U.S. Treasury products. RWA.xyz data confirm that its USDY token, at about $2.31 billion, is larger than BlackRock's $2.20 billion BUIDL fund.
Ondo Finance says it now manages $3 billion in tokenized U.S. Treasury products, and that its USDY token has grown larger than BlackRock's BUIDL fund. "New milestone: $3 billion in tokenized U.S. Treasuries," the company posted on its official X account at 12:46 p.m. ET on Tuesday. "Leading that growth is USDY, with over $2.3 billion in TVL, larger than BlackRock’s BUIDL" (source 1).
A tokenized Treasury product is a fund share or note recorded on a blockchain and backed by short-term U.S. government debt. Holders earn something close to T-bill yields while keeping the asset in a crypto wallet, where it can move or be posted as collateral at any hour.
The second half of Ondo's claim checks out on independent data. Who can actually hold each product is the part the headline number leaves out.
What the data show
On RWA.xyz, a tracker of tokenized real-world assets, USDY showed a total asset value of about $2.31 billion when Le Coin read the dashboard at 1:26 p.m. ET, against about $2.20 billion for BUIDL (source 2). A week earlier, on the dashboard's own comparison, USDY stood at about $2.29 billion and BUIDL at about $2.25 billion. Over seven days USDY rose about 1.0% while BUIDL fell about 2.0%. Over 30 days USDY rose about 5.1%, from roughly $2.20 billion, while BUIDL fell about 19.5%, from roughly $2.74 billion (source 2).
Ondo's fuller claim is its own: "Ondo ranks #1 among tokenized U.S. Treasury platforms on RWA․xyz, with $3 billion across USDY, OUSG and tokenized Treasury ETFs" (source 1). RWA.xyz's product table, read at 1:26 p.m. ET (page data stamp "2026-10-13 06:01:50," time as given by the source; no time zone stated), puts Circle's USYC first at about $2.384 billion, USDY second at about $2.314 billion and BUIDL third at about $2.204 billion (source 2). Le Coin could confirm only part of Ondo's $3 billion. RWA.xyz lists USDY at about $2.31 billion and Ondo's OUSG fund at about $319 million, for about $2.63 billion between them (source 2). The dashboard page we read does not carry the tokenized ETF holdings Ondo counts. Le Coin did not find a platform-level ranking on that page. So the $3 billion total and the platform ranking remain Ondo's statement.
Two products, two kinds of buyer
The comparison with BlackRock is a size comparison between products that do not compete for the same customer.
USDY is a note issued by Ondo Global Markets (BVI) Limited. Ondo's documentation lists the United States among prohibited jurisdictions and says persons who are "US persons" under Rule 902 of Regulation S "are also prohibited from subscribing for, acquiring or redeeming USDY tokens" (source 3). Regulation S is the U.S. exemption for securities sold outside the country. Ondo also bars Canada and several sanctioned jurisdictions, and requires investors in places such as the EU, the UK, Hong Kong and Singapore to meet professional or accredited-investor tests (source 3).
BUIDL is a private BlackRock fund sold through Securitize Markets. BlackRock's launch release said the fund "will issue shares pursuant to Rule 506(c) under the Securities Act of 1933 and Section 3(c)(7) of the Investment Company Act," with an initial minimum of $5 million (source 4).
So USDY is the offshore, wider-access product, and BUIDL is the onshore institutional one. Ondo's own U.S. product, OUSG, is about a seventh the size of USDY on RWA.xyz (source 2). OUSG fell about 5.8% over 30 days on the same dashboard (source 2).
Why the short end of the Treasury market cares
These tokens sit on the same plumbing as stablecoin reserves and money-market funds. USDY, per RWA.xyz's summary of the product, is backed by "short-term U.S. Treasuries and bank demand deposits" (source 2). BUIDL holds cash, T-bills and repurchase agreements, per BlackRock's release (source 4).
Le Coin's view: the size race matters less than where the money sits when holders want out. For USDY, RWA.xyz lists redemptions as "T+2 to T+3 for wire initiation" (source 2). A token that trades at any hour still settles in cash on the Treasury market's schedule.
The objection is that a $2 billion product is small next to a Treasury bill market measured in trillions. That is right for prices. It is less right for operations: a stablecoin issuer or DeFi protocol posting USDY as collateral inherits that redemption timeline.
What would change the picture
Two things are checkable. The first is whether BUIDL's 30-day decline continues or reverses on RWA.xyz, which would settle whether USDY's lead is growth or BUIDL outflows. The second is Ondo's own breakdown of the tokenized ETF holdings in its $3 billion figure, which the company has not published alongside the post.
RWA.xyz's figures update daily. The snapshot cited here was read on Oct. 13, 2026, at 1:26 p.m. ET.
Sources
- Ondo Finance (@Ondo, official account), post on X, Oct. 13, 2026, 12:46 p.m. ET. https://x.com/Ondo/status/2110049625721758048 (accessed Oct. 13, 2026, 1:27 p.m. ET)
- RWA.xyz, Tokenized U.S. Treasuries dashboard. https://app.rwa.xyz/treasuries (accessed Oct. 13, 2026, 1:26 p.m. ET; raw page and SHA256SUMS in drafts/work/ondo-3b-2026-10-13/)
- Ondo Finance documentation, USDY, "Eligibility." https://docs.ondo.finance/general-access-products/usdy/faq/eligibility (accessed Oct. 13, 2026, 1:28 p.m. ET)
- BlackRock, "BlackRock Launches Its First Tokenized Fund, BUIDL, on the Ethereum Network," Business Wire, March 20, 2024. https://www.nasdaq.com/press-release/blackrock-launches-its-first-tokenized-fund-buidl-on-the-ethereum-network-2024-03-20 (accessed Oct. 13, 2026, 1:35 p.m. ET)
Holding the Corner.
Not financial advice.