Circle’s USYC Tops $2.2B, Becomes Largest Tokenized U.S. Treasury Exposure

Circle’s USYC becomes the top tokenized U.S. Treasury exposure with about $2.2B in supply, as the tokenized Treasury market surges beyond $11B and yield demand grows.

Rich by Coin

2026-03-13

Circle’s USYC token has become the largest tokenized U.S. Treasury product, with about $2.2 billion in supply, overtaking BlackRock’s BUIDL fund. Much of USYC’s recent growth is tied to its use on BNB Chain, with Binance introducing the token as off-exchange collateral for institutional derivatives trading. The overall market for tokenized U.S. Treasuries has surged to a fresh record of over $11 billion, up 27% this year, fueled by investor demand for yield and a place to park capital during the crypto downturn.

The fast-growing market for tokenized Treasury exposure has a new leader. Circle (CRCL), best known as the issuer of the USDC (USDC) stablecoin, has become the largest provider of tokenized Treasury exposure after its USYC token expanded to about $2.2 billion in supply, according to RWA.xyz data. That growth pushed USYC past BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) – issued with tokenization specialist Securitize – which currently holds around $2 billion in assets. Under the structure, USYC can be held with partner banks through Binance Banking Triparty or with Ceffu, Binance’s institutional custody platform. Since the launch in July, USYC supply on BNB swelled to $1.84 billion, data shows.

The broader tokenized Treasury market is also booming, hitting a fresh record high of over $11 billion, according to data from RWA.xyz. The sector added roughly $2.5 billion in market value, some 27%, since the start of the year.