Six major institutions, including BlackRock, occupy 88% of the tokenization market for U.S. Treasury bonds.

According to a report by Cointelegraph on April 26, RWA.xyz data shows that six Financial Institutions control 88% of the tokenization market for U.S. Treasury bonds. Among them, BlackRock's BUIDL fund leads with a market capitalization of $2.5 billion, holding 41.1% of the entire market, 360% higher than the second place. Other major participants include Franklin Templeton's BENJI(7.07 billion), Superstate's USTB(6.61 billion), Ondo's USDY(5.86 billion), Circle's USYC(4.87 billion), and Ondo's OUSG(4.24 billion). Since the beginning of 2025, BUIDL's market capitalization has risen by 291%, while the total market capitalization of tokenized real-world assets reached a historical high of $21.3 billion on April 21.