Circle becomes largest issuer of tokenized US Treasuries at $3B

Circle now controls the largest tokenized US Treasury product on any blockchain, with its USYC fund crossing $3 billion in assets under management. That puts the stablecoin giant ahead of BlackRock, a firm that manages roughly $10 trillion in traditional assets but finds itself playing catch-up in a corner of finance that didn’t exist a few years ago. The milestone marks a notable shift in who’s winning the race to bring government debt onchain. BlackRock’s BUIDL fund sits at approximately $2.7B in AUM, while Ondo’s USDY holds around $2.1B. How Circle got here USYC wasn’t originally Circle’s creation. The product was developed by Hashnote, a firm focused on institutional-grade digital asset infrastructure. Circle acquired Hashnote in January 2025, picking up USYC and its growing base of institutional users in the process. USYC overtook BlackRock’s BUIDL fund as the largest tokenized Treasury product back in March 2026, and the gap has only widened since. The fund gives investors exposure to short-duration US Treasuries. USYC operates across multiple blockchain networks, making it programmable, composable, and usable as collateral in digital asset markets. Circle’s existing dominanc...