Blackrock’s BUIDL and Ondo Crack $1 Billion as Tokenized Treasuries Hit All-Time High

Tokenized treasuries hit an all-time high of $4.6 billion on March 16 after two issuers broke the $1 billion mark.

The news comes as broader traditional markets have reeled under the same global selloff that has sent cryptocurrencies tumbling, driving investors into the safest traditional assets like Treasuries and gold.

Securitize, the tokenization partner for Blackrock’s BUIDL token, was the first issuer of Treasury-backed real-world assets (RWA) to break the $1 billion mark on March 13.

But Ondo was only a day behind with its two tokens, OUSG and USDY, which together cracked $1 billion on March 14.

“The rapid growth of tokenized Treasuries to $4.4 billion shows just how much demand there is for real-world assets in digital finance,” said Todd Ruoff, CEO of Autonomys Network, in an email.

“In today’s uncertain market, tokenized RWAs offer a rare mix of liquidity, transparency, and yield—all while bridging the gap between DeFi and traditional finance in a way that feels more accessible than ever," he added.

Neither Securitize nor Ondo was the first to crack $1 billion, however. That was Hashnote’s USYC, which dropped from $1.8 billion on Jan. 5 to $868 million on March 13, tracking the USD0 stablecoin’s market capitalization.

That dropped precipitously following an uproar over redemption changes to USD0++, a four-year staked version of the stablecoin. USYC is the main backing asset of the stablecoin and tanked along with it.

USDC stablecoin issuer Circle acquired Hashnote in January with plans to integrate USYC with USDC.

Between late January and today, the tokenized Treasuries market grew by almost $1 billion, making up for the losses suffered by USYC.