Circle Tops BlackRock in Tokenized Treasuries as Market Hits $11B
Circle overtakes BlackRock in tokenized Treasuries as market hits record $11 billion
Circle has moved ahead of BlackRock in the market for tokenized U.S. Treasuries, as the total value of Treasury-backed tokens reached a new high of $11 billion.
The shift highlights how quickly the market for onchain representations of traditional financial assets is expanding, and how competition is intensifying among both crypto-native firms and established asset managers.
Tokenized Treasuries are blockchain-based tokens designed to track or represent interests in short-term U.S. government debt. They are commonly used as a way to hold dollar-denominated, yield-bearing assets onchain, often serving as collateral or a cash-management tool within crypto markets.
Circle’s lead over BlackRock underscores the growing role of infrastructure and distribution in this segment. While large asset managers have brought recognizable brands and regulated fund structures to tokenization, crypto companies with deep onchain integration can gain share by making these products easier to use across wallets, exchanges, and decentralized finance venues.
The record market size is also a signal of broader demand for onchain access to traditional assets. Treasury bills, in particular, have become a focal point because they are viewed as relatively low-risk and highly liquid in traditional markets, making them a natural starting point for tokenization efforts.
