Ondo Finance’s USDY Overtakes BUIDL as Treasury Tokens Top $3B

Ondo Finance’s tokenized U.S. Treasury products have surpassed $3 billion, with its USDY product moving ahead of BlackRock’s BUIDL in the rapidly expanding market for on-chain government debt exposure.

USDY reached approximately $2.328 billion, compared with about $2.204 billion for BUIDL. Ondo’s OUSG product contributed roughly $319 million to the company’s combined total, which also includes tokenized U.S. Treasury exchange-traded funds.

The broader tokenized U.S. Treasury market stood at approximately $14.91 billion. Circle’s USYC remained the largest individual product at about $2.384 billion, putting it ahead of both USDY and BUIDL.

The milestone gives Ondo the largest combined position among the products counted in its tokenized Treasury lineup, while the USDY lead marks a shift in the ranking of the market’s largest individual offerings.