TREE NEWS update: Ondo Finance said its tokenized U.S. Treasury products have reached $3 billion across USDY, OUSG and a tokenized Treasury ETF, ranking first among tokenized Treasury platforms on RWA.xyz. USDY alone exceeds $2.3 billion, overtaking BlackRock’s BUIDL, which RWA.xyz puts at about $2.204 billion versus USDY’s roughly $2.328 billion. OUSG stands near $319 million, while the total tokenized Treasury market is about $14.91 billion, led by Circle’s USYC at roughly $2.384 billion.
Ondo Finance Tokenized Treasuries Top $3B, USDY Passes BlackRock’s BUIDL
AI take
The headline number matters less than the composition shift: Ondo's lead is now built on USDY, a yield-bearing stablecoin-style product, rather than on its institutional OUSG wrapper, which remains comparatively small. That suggests distribution to non-US and crypto-native holders is doing more work than TradFi onboarding, and it puts Ondo in direct competition with Circle's USYC at the top of the category. The open question is whether tokenized Treasuries keep consolidating around a few large issuers or stay fragmented as the wider market grows.
Generated by AI for reference only.
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