Fresh insights from RWA.xyz, a platform that tracks tokenized real-world assets (RWAs), reveal that just six major players control a massive 88% of all tokenized U.S. Treasuries — highlighting a growing concentration in the emerging sector.
Leading the pack by a wide margin is BlackRock. Its tokenized U.S. Treasury fund, BUIDL, boasts a market capitalization of $2.5 billion, making it more than three times larger than its nearest rival. For context, BlackRock reported $11.6 trillion in assets under management during the first quarter of 2025.
The rest of the top six issuers include Franklin Templeton’s BENJI fund at $707 million, Superstate’s USTB at $661 million, Ondo’s USDY at $586 million, Circle’s USYC at $487 million, and Ondo’s OUSG at $424 million. Together, these six funds dominate the tokenized Treasury space.
Market Trends: Growth and Consolidation
Since the start of 2025, the tokenized Treasury market has continued to consolidate. According to RWA.xyz data, all but one of the top six funds — Circle’s USYC — have seen significant growth in market cap. BlackRock’s BUIDL fund, in particular, has surged an impressive 291% from January 1 to April 24, now accounting for 41.1% of the entire tokenized Treasury market.
The Hidden Risks of Centralized Tokenization
While the growth is impressive, not everyone is cheering. Tracy Jin, Chief Operating Officer at crypto exchange MEXC, warns that the centralization of tokenized RWAs could carry serious risks — especially when assets are issued on permissioned or semi-centralized blockchains.
“Most tokenized assets today are being minted on permissioned chains, which means authorities retain the ability to restrict or even confiscate them,” Jin told Cointelegraph. “Even though the technology is new, the ownership of these assets remains tied to traditional national legal frameworks.”
Big Future Ahead for Tokenized Assets
Despite concerns about centralization, the market for tokenized real-world assets is on a steep growth trajectory. Factors such as clearer regulations, better interoperability, liquidity solutions, digital identity advances, and fractional ownership models are fueling the trend. As of April 21, RWA.xyz reports that the total market capitalization for tokenized RWAs hit an all-time high of $21.3 billion.
