Tokenized Treasury Shifts as BUIDL Retakes the Crown, Private Credit and Collateral Accelerate On-Chain
Today’s Focus
BlackRock’s BUIDL retook the top spot in tokenized U.S. Treasuries at roughly $2.8 billion in assets (regaining the crown it lost to Circle’s USYC in March), with the overall market climbing to about $16 billion on rising institutional demand. At the same time, a 21-bank consortium announced a joint USD stablecoin targeting 2027, and Figure’s $717M acquisition of Kiavi moved over $7 billion in first-lien loans on-chain — private credit and collateral are becoming the new RWA front line beyond Treasuries.
Industry Flash
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BUIDL retakes the tokenized Treasury crown — BlackRock’s BUIDL is back to No. 1 at roughly $2.8B AUM (~18.5% share), pushing the overall market to about $16B, operated by Securitize across 8 chains with Franklin and Ondo adding fresh inflows.
21 banks team up for a joint USD stablecoin — BofA, Citi, Goldman, Wells Fargo, UBS, Deutsche Bank, MUFG and more across five regions will form a venture in H2 2026 targeting an H1 2027 launch, USD first then euro, committed to GENIUS and MiCA frameworks.
Ondo files three SEC-CFTC comment letters — Arguing existing law already permits regulated single-stock perpetual futures onshore, positioning Ondo as a rule-making participant building a compliant path for tokenized equity derivatives.
Figure closes $717M Kiavi acquisition — Closed Sept 1, moving over $7 billion in annual first-lien loans on-chain, the largest real-world lending migration to date, making institutional real-estate credit a recurring RWA category.
RWA collateral usage hits monthly high — DeFiLlama’s Sept 1 reading shows tokenized RWA and equities used as on-chain collateral at a monthly record, with Sky and Morpho vaults holding tokenized notes as yield base, mechanism akin to repo.
Bitwise launches PAPY Vault — Its first RWA-backed lending vault on Morpho takes Agora AUSD deposits against PST/sUSDai/PRIME collateral targeting 5-6% APY, a TradFi manager entering on-chain real credit.
BTC Markets seeks ASIC license — The Australian exchange will apply for a market license to offer regulated tokenized RWA trading; its CEO calls the current $26B on-chain footprint just a proof of concept, eyeing a $2-16 trillion market by 2030.
Solana moves $4.7T in stablecoins in a year — The foundation reports over $4.7 trillion in stablecoin transactions in the past year, with Circle minting $11B USDC on Solana in August to push its supply share past 10%, accelerating the tokenization supercycle.
Circle x Dinari bring S&P 500 on-chain — The pair plans to tokenize the entire S&P 500 constituents as dShares with self-custody USDC settlement; Circle’s Arc public mainnet goes live Sept 16 with BlackRock and DTCC as genesis validators.
Multipli TVL tops $500M — The RWA yield and collateralization infrastructure protocol’s community sale was oversubscribed 1.6x, and CoinGecko now tracks 126+ tokenized ETFs as RWA spreads from Treasuries into credit and yield structures.
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