@Ondo now manages about $3B in tokenized US Treasuries, government debt issued as tokens, more than any other platform listed on rwa.xyz. Its $USDY token accounts for $2.33B of that total, edging past BlackRock's $BUIDL at $2.2B.

Ondo's tokenized Treasury assets grew nearly 10% over the past 30 days, while the wider tokenized Treasury market shrank 5.5% to $14.9B.

How the rankings stack up

Ondo's $3B figure combines several products. Its OUSG product contributed roughly $319 million to the combined total, which also includes tokenized U.S. Treasury exchange-traded funds. RWA.xyz data shows USDY at about $2.328 billion and BUIDL at about $2.204 billion.

The lead is at platform level rather than for individual tokens. Circle's USYC remained the largest individual product at about $2.384 billion, ahead of both USDY and BUIDL. The race for second place has been tight for weeks. BlackRock BUIDL dropped to third place at the end of September and has not reclaimed second since, according to a summary of rwa.xyz data as of October 4.

The three largest tokens sit close together. An Eco guide using rwa.xyz figures as of October 6 put Circle USYC at $2.41 billion, Ondo USDY at $2.30 billion, and BlackRock BUIDL at $2.25 billion.

A shrinking market with a growing leader

The broader sector has been contracting even as Ondo gains share. The same October 4 snapshot put the total market size at $14.82 billion, down 6.6% over 30 days, though holder numbers rose about 1% over the week. Still, rwa.xyz data cited by Analytics Insight showed tokenized US Treasuries totaled around USD 15 billion in distributed value as of October 7, 2026, across 109 assets and 86,281 investors.

Tokenized Treasuries remain the biggest category in on-chain real-world assets. Morgan Stanley data cited by Cryptonomist put them at approximately $14.6 billion, more than one-third of the current tokenized real-world asset market. Access also differs by product. USDY and USYC exclude US persons under Regulation S, while BUIDL is limited to accredited investors and qualified purchasers.

Ondo's gain suggests demand is concentrating in a few products even as total assets in the sector fall. Rankings can shift quickly given how narrow the gaps are between the top three tokens.

Sources

TokenPost: Ondo Finance's USDY overtakes BUIDL as Treasury tokens top $3B

Eco: Top tokenized Treasury funds 2026 compared (rwa.xyz data)

Cryptonomist: Morgan Stanley tokenized assets market forecast