Blackrock’s BUIDL reclaims top spot as NYSE parent company, DTCC accelerate tokenization rollout
- BlackRock’s BUIDL fund is back on top of the tokenized U.S. Treasury market at about $2.8 billion.
- The fund has retaken the lead from Circle’s USYC.
- DTCC and ICE, which owns the NYSE, are also advancing their own tokenization infrastructure.
BlackRock’s BUIDL fund has grown back to roughly $2.8 billion in assets and reclaimed its title as the largest tokenized U.S. Treasury product.
BUIDL is taking the lead back from Circle’s USYC. At the same time, Depository Trust & Clearing Corporation (DTCC) and NYSE owner Intercontinental Exchange (ICE) are moving their tokenization plans closer to launch.
What token occupies the top spot in the U.S. Treasury?
BUIDL, formally known as the USD Institutional Digital Liquidity Fund, has reclaimed its position as the lead in the U.S. treasury after it lost it to Circle’s USYC in March 2026.
The fund currently holds about $2.8 billion in assets, accounting for about 18.5% of a tokenized Treasury market that data trackers put at $15.1 billion. The remaining 81.5% is split among USYC and everyone else.
The overall market is slightly higher at $16 billion, up from $15 billion in recent weeks due to an increase in institutional demand. Franklin Templeton (NYSE: BEN) and Ondo Finance are among the newer names contributing to the increase.
Securitize, which built BUIDL, now handles the fund across eight blockchains, including Ethereum, Solana, Aptos, and BNB Chain.
The company posted record first-quarter 2026 revenue on the asset-servicing fees tied largely to BUIDL, and has since listed on the NYSE.
What is DTCC launching in October?
Depository Trust & Clearing Corporation (DTCC), which clears most U.S. equity activity, announced back in May that it plans to open its DTC tokenization service commercially in October 2026.
In regard to that, the company completed production trades on July 15 that stress-tested collateral pledges, securities lending, Treasury and repo settlement, and CCP margin workflows across the Canton Network and Hyperledger Besu.
The SEC issued a no-action letter clearing DTC to run the service for three years on pre-approved blockchains on December 11, 2025. DTCC’s Industry Working Group now counts more than 50 firms, including BlackRock, JPMorgan, Goldman Sachs, NYSE, Nasdaq, Circle, and Ondo.
DTCC data puts $300 trillion in global high-quality liquid assets on the table, of which only 10% to 11% currently gets used as collateral.
On August 31, 2026, tZERO and ICE (NYSE: ICE) also signed a memorandum of understanding under which tZERO will help design the digital transfer agent and broker-dealer systems for ICE’s planned NYSE-affiliated Digital Trading Platform.
ICE also agreed to put money into tZERO’s latest funding round. In addition, ICE will license tZERO’s blockchain patent portfolio, which includes 23 patent families and 103 patents, according to tZERO.
The two firms said they will consider using tZERO tokenized assets as collateral at ICE’s clearing houses.
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FAQs
How big is BlackRock's BUIDL fund and what share of the market does it hold?
BUIDL holds roughly $2.8 billion in assets, or about 18.5% of the $15.1 billion tokenized U.S. Treasury market, putting it back ahead of Circle's USYC.
When does DTCC's tokenization service go live?
DTCC plans a commercial launch in October 2026, following limited production trades completed on July 15, 2026, and under a December 2025 SEC no-action letter that authorizes the service for three years.
What did ICE and tZERO agree to?
On August 31, 2026, ICE and tZERO signed an MOU making tZERO a design partner for infrastructure on ICE's planned NYSE-affiliated Digital Trading Platform, with ICE also investing in tZERO and licensing its blockchain patent portfolio.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Hannah Collymore
Hannah is a writer and editor with nearly a decade of blog writing and event reporting experience in the crypto space. At Cryptopolitan, Hannah contributes to the news page, reporting and analyzing the latest developments in DeFi, RWA, crypto regulation, AI and frontier tech industries. She graduated from Arcadia university with a degree in Business Administration.
