Circle's tokenized U.S. Treasury product, USYC, has reached approximately $2.2 billion in scale, surpassing BlackRock and Securitize's BUIDL to become the largest tokenized U.S. Treasury product. According to RWAxyz data, the total market size for tokenized U.S. Treasuries has grown to over $11 billion, marking a 27% increase since the beginning of the year. The recent growth of USYC is largely attributed to its use on the BNB Chain, where Binance has adopted it as collateral for institutional derivatives trading.