Ondo's USDY Surpasses BlackRock's BUIDL as Largest Tokenized Treasury
Ondo's USDY has overtaken BlackRock's BUIDL to become the largest tokenized US treasury product by market cap.
Ondo's USDY has overtaken BlackRock's BUIDL to become the largest tokenized US treasury product by market cap. Ondo US Dollar Yield (USDY) is trading at $1.15. This is an original TLT brief based on reporting by AMBCrypto, with live market data added, as of Tue, 27 Oct 2026 04:45:03 UTC.
This shift highlights the growing competition in tokenized treasuries and could signal a changing landscape in institutional crypto adoption and yield products.
- Ondo's USDY market cap now exceeds $2.37B, surpassing BUIDL's $2.16B.
- USDY's market cap is supported by a circulating supply of 2.07 billion tokens.
- The development reflects increasing institutional interest in tokenized yield products.
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- Ondo Finance's Tokenized Growth Amid Market Neutrality
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- Ondo's USDY Surpasses BlackRock's BUIDL as Largest Tokenized Treasury — this brief
Ondo's USDY has surpassed BlackRock's BUIDL to become the largest tokenized US treasury product by market capitalization, with a total value exceeding $2.37 billion.
According to DeFiLlama, BUIDL's circulating supply is valued at $2.16 billion, confirming USDY's new position as the market leader.
The development comes amid a relatively flat market, with the total crypto market cap at $2.74 trillion and 
Bitcoin showing a modest 24-hour gain of 0.05%.
Ondo's native token, ONDO, has also seen a slight 24-hour increase of 0.70%, though it has declined by 6.81% over the past week.
The rise of USDY and BUIDL reflects the growing institutional interest in tokenized yield products, which offer exposure to traditional financial assets through blockchain technology.
Since this brief published about 45 minutes ago, Ondo US Dollar Yield (USDY) has moved from $1.15 to $1.15 — +0.00%.
The chart plots USDY's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution; intraday detail builds over the first day). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDY ≈ ₦1,591.03 (about $1.15), up 0.1% over 24 hours. The naira itself trades about 1.7% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 27, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Ondo's USDY Surpasses BlackRock's BUIDL as Largest T — questions & answers
What is the current market cap of Ondo's USDY?
Ondo's USDY has a market cap exceeding $2.37 billion.
How does USDY's market cap compare to BUIDL's?
USDY's market cap of $2.37B is higher than BUIDL's $2.16B.
What is the significance of this development?
This shift indicates growing competition in the tokenized treasury market and could attract more institutional investors to tokenized yield products.
How much is 1 Ondo US Dollar Yield worth in naira today?
About ₦1,591.03 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $1.15. The naira price moves with both USDY's US-dollar price and the USDT/NGN rate; use our Ondo US Dollar Yield in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from AMBCrypto. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.