Key Highlights
- Gino Matos Jan.
- 25, 2026 at 8:20 pm UTC 4 min read Updated: Jan.
- 25, 2026 at 2:47 pm UTC Share Cover art/illustration via CryptoSlate.
- Image includes combined content which may include AI-generated content.
- Tokenized US Treasuries crossed $10 billion in total value this week, a milestone that confirms the category has moved from proof-of-concept to operational infrastructure. Yet, something happening underneath this achievement is just as important: Circle's USYC has edged past BlackRock's BUIDL as the largest tokenized Treasury product, signaling that distribution rails and collateral mechanics now matter more than brand recognition in determining which on-chain cash equivalents win. As of Jan.
