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.