USYC Tops Tokenized U.S. Treasuries Market with $22B Supply on Binance BNB Chain

Circle’s USYC leads the tokenized U.S. Treasuries space with about $22B supply, boosted by Binance’s BNB Chain and off-exchange collateral for institutions.

Rich by Coin

2026-03-13

Circle’s USYC token has emerged as the largest tokenized U.S. Treasuries product, with roughly $22 billion in supply, overtaking BlackRock’s BUIDL fund. Much of USYC’s growth is tied to activity on Binance’s BNB Chain, which has begun using the token as off-exchange collateral for institutional derivatives trading. The broader tokenized U.S. Treasuries market rose about 27% this year to surpass $11 billion, signaling demand from yield-seeking investors and a search for stable stores of value during crypto downturns.

Circle notes that expanding USYC supply to $22 billion positions it as the top provider of tokenized Treasury exposure. Growth is largely linked to Binance’s BNB Chain, with Binance enabling the token’s use as collateral for institutional derivatives trading. Holdings can be retained via Binance Banking Triparty or Binance’s institutional custody platform, Ceffu. Since its July launch, USYC’s supply on BNB has surged to roughly $1.84 billion.

BUIDL currently holds about $2 billion in assets, but its market share has declined from a May peak of roughly 46% to around 18% amid intensifying competition from new entrants. The January crypto downturn accelerated the adoption of tokenized Treasuries as stable-yield vehicles and on-chain cash parking for traders and institutions. HashNote, the USYC issuer, has indicated issuance is planned for early 2025.