Ondo's USDY has overtaken BlackRock's BUIDL to become the largest tokenized US Treasury product, marking a significant shift in the real-world asset tokenization landscape. USDY's total asset value reached $2.37 billion, a 4.15% increase, while BUIDL declined 4.7% to $2.17 billion over the past 30 days.
The growth in USDY reflects expanding investor participation in the product. The number of USDY holders increased 5.43% to 19,546 holders, while BUIDL's holder count dropped 2.88% to 101 holders over the same period.
Broader Ondo Ecosystem Growth
ONDO's tokenized assets have surpassed $4 billion in total value, with the number of holders reaching 559.7k after a 10% surge over the past 30 days. This expansion suggests growing investor confidence in Ondo's tokenized yield-bearing offerings.
Tokenized US Treasuries Accelerate
The tokenized US Treasury market continues to expand rapidly. According to AFME estimates, the total value of tokenized US Treasuries has climbed to $14.94 billion, representing a 64% increase year-to-date. This growth reflects broader adoption of tokenized traditional financial assets within the crypto ecosystem.
Meanwhile, the total value of real-world assets tokenized across all chains has exceeded $39 billion.
Market Context
The growth in tokenized treasuries reflects investor demand for lower-risk assets. However, this expansion does not necessarily correlate with demand for the ONDO token itself, which has faced downward price pressure since late September.
