Key Summary

RWA.xyz put the tokenized US Treasury market at $15.9 billion as of Aug 30, with Circle's USYC at $2.8775 billion narrowly ahead of BlackRock's BUIDL at $2.7647 billion, a gap of just $112.8 million. The relevance is collateral plumbing rather than headline size: tokenized bills are increasingly used as yield-bearing margin and cash management on exchanges and in DeFi, so growth channels short-end T-bill demand into crypto market structure and gives issuers like Circle a float-driven revenue base tied to front-end rates. Watch whether the lead flips under different aggregation methods, and whether Fed cuts compress bill yields enough to slow inflows, which would be the clearest counter-signal to the current RWA expansion.