[DigitalToday reporter Chi-gyu Hwang (황치규)] Circle has emerged as the biggest supplier in the tokenised U.S. Treasuries market, overtaking BlackRock, CoinDesk reported on March 16.
CoinDesk said supply of Circle-issued USYC tokens has surpassed $2.2 billion, overtaking BlackRock’s BUIDL at about $2.0 billion.
Tokenised real-world assets are drawing attention among crypto traders and institutional investors as yield-bearing collateral and on-chain cash management tools. Unlike traditional financial infrastructure, blockchain-based tokens provide instant settlement, transparent reserves and 24-hour access. In particular, Treasury-backed tokens can be used as collateral while also earning interest.
Circle entered the tokenised Treasuries market in earnest by acquiring USYC issuer Hashnote in early 2025. Supply then surged after Binance introduced USYC on BNB Chain as off-exchange collateral for institutional derivatives trading. USYC worth $1.84 billion is now in circulation on BNB Chain alone.
Chi-gyu Hwang
delight@d-today.co.kr