USDY Moves Ahead of BUIDL With $2.41 Billion in Underlying Assets
Key Facts
USDY, Ondo’s yield-bearing token, moved ahead of BlackRock-managed BUIDL in reported asset value, according to data published in October 2026. Ondo’s page showed USDY’s underlying assets at $2.41 billion on October 23, while the value of circulating tokens stood at $2.06 billion. By comparison, RWA.xyz listed BUIDL’s total assets at $2.25 billion, based on market data dated October 1. USDY’s underlying asset value is not the same measure as the value of circulating tokens, so the comparison varies by metric and date. The figures highlight competition between two tokenized products targeting income linked to U.S. Treasury assets.
An earlier comparison shows the products ranked in reverse order in March. In a table of tokenized assets attached to written testimony before the U.S. House Financial Services Committee, BUIDL was valued at about $2.01 billion, compared with $1.21 billion for USDY, according to data as of March 22, 2026. BUIDL ranked fourth in the table, while USDY placed fifth. The comparison indicates that the October figures followed a clear change in ranking over the intervening months. But it does not, on its own, establish the reasons for that change or investor flows between the products.
Ondo data show USDY’s portfolio concentrated in U.S. Treasuries, which accounted for 87.03% on October 23. SHVon, a tokenized Treasury fund with maturities of zero to one year, accounted for 12.95%. The page also showed a yield to maturity of 4.08% and a weighted average maturity of 174.7 days. The reported collateralization ratio was 153.90% on the same date. Ondo describes the underlying assets as bank deposits and short-term U.S. Treasuries, placing the product among instruments that link a digital token to short-term fixed-income assets.
Ondo says USDY accrues yield daily. That yield can appear in the USDY version through an increase in the token’s price, while the rUSDY version uses rebasing, adding tokens to the holder’s balance. The company describes USDY as debt issued by a bankruptcy-remote entity, with an ongoing offering under Regulation S. The product page specifies eligibility for individuals and institutions outside the United States. These terms provide a picture of the legal structure and target audience alongside the portfolio and yield data published by the company.
RWA.xyz describes BUIDL as a fund seeking to generate current income consistent with liquidity and capital stability, and says it is managed by BlackRock and offered by Securitize. The page lists daily subscriptions for eligible U.S. purchasers, with a minimum investment of 5,000,000 USDC. In February 2026, trading in fund shares was enabled through UniswapX via Securitize, subject to qualification and whitelisting. The mechanism enabled bilateral swaps around the clock, year-round. Carlos Domingo, Securitize’s chief executive, said the integration combines "the trust and regulatory standards of traditional finance with the speed and openness associated with decentralized finance."
On August 4, 2026, Ondo announced the launch of USDY on BNB Chain, with instant minting and redemption capabilities and cross-chain transfers. The company said the launch gives users in the network’s ecosystem access to the token. In EL7 daily data, BlackRock shares closed at $1127.66 on October 26. The available data does not include the stock’s daily trading range. The published figures do not provide evidence that USDY’s advance affected BlackRock’s business or share price.