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Ondo’s tokenized Treasury fund USDY edges past BlackRock’s BUIDL in size, but ONDO token drops as market weighs risk
The Apex Times

THE APEX TIMES

Business/The Apex Times/Oct 18, 3:27 PM EDT

Ondo’s tokenized Treasury fund USDY edges past BlackRock’s BUIDL in size, but ONDO token drops as market weighs risk

Ondo Finance said its tokenized US dollar yield product, the Ondo US Dollar Yield token (USDY), has surpassed BlackRock’s BUIDL in size. Even as the on-chain product gains scale, the ONDO cryptocurrency has reportedly fallen over the past week.

By The Apex Times Newsroom3 min readAI-assisted Apex article

Ondo Finance’s tokenized US Treasury exposure continued to gain momentum, according to a market report that says the company’s Ondo US Dollar Yield token (USDY) has surpassed BlackRock’s BUIDL in size. USDY is designed to represent a stream of US dollar yield inside a blockchain token, allowing investors to hold Treasury-linked exposure in a more portable, on-chain format than traditional funds.

The same report links the product milestone to a mixed reaction in the crypto market. It notes that the ONDO token, the governance and utility token associated with Ondo’s ecosystem, fell by about 9% during the week referenced in the article. That divergence, a token’s price falling while a linked tokenized product grows, is not unusual in crypto markets where liquidity, sentiment, and broader risk appetite can move faster than fundamentals.

BlackRock’s BUIDL is the best-known mainstream asset-manager entry in tokenized Treasury products, and it is often cited as a bridge between conventional finance and blockchain settlement. In this case, the market report frames Ondo as gaining share in terms of aggregate size, with USDY moving ahead of BUIDL on that specific metric. The article does not, however, provide additional detail in the materials available for this review, such as the exact size figures, the time window over which “passed” occurred, or whether the comparison is based on assets under management, issued token supply, or another denomination.

The report’s headline claim, that USDY has “passed” BUIDL, matters because scale is one of the few readily comparable indicators in tokenized Treasuries. As these products expand, they can attract additional liquidity from traders, payment and settlement use cases, and investors who prefer faster issuance and redemption mechanics than traditional brokerage channels. At the same time, tokenized Treasuries still trade in an ecosystem that is sensitive to stablecoin demand, crypto market volatility, and perceptions about counterparty and redemption processes.

BlackRock, as a major institutional asset manager, has been a focal point for the tokenized asset market, and BUIDL has been used as a symbol of how large funds can translate Treasury exposure into on-chain form. Ondo, by contrast, is more closely identified with building tokenized real-world asset infrastructure and distribution. In that broader context, a product passing another in size reinforces the idea that this segment is competitive and that multiple platforms can scale their offerings even as the overall market remains fragmented.

What remains unclear from the information available for this review is the degree to which the reported “surpassed” milestone is attributable to new inflows versus changes in token balances, product structure, or measurement. The market report also does not disclose whether there were contemporaneous shifts in fees, redemption terms, custody arrangements, or distribution partners for either USDY or BUIDL. Without those details, investors and observers are left with a headline comparison and a token-price reaction, but not the operational specifics needed to fully assess performance and sustainability.

Why It Matters

  • Size benchmarks are among the clearest indicates of momentum in tokenized Treasury products, which rely on scale to improve liquidity and usability.
  • The reported token-price drop alongside product growth highlights how crypto assets can diverge from tokenized “fund” fundamentals in the short term.
  • Competition between Ondo and BlackRock in tokenized Treasuries suggests institutional and crypto-native platforms can both win distribution, even as adoption remains early-stage.
  • Unclear measurement details and missing operational disclosures limit how much can be inferred about risk and future performance from a size claim alone.

Sources

Key Facts

  • The market report says Ondo’s USDY tokenized Treasury product has surpassed BlackRock’s BUIDL in size.
  • USDY is described in the report context as a tokenized US dollar yield product linked to Treasuries.
  • The report states that the ONDO cryptocurrency fell about 9% during the week referenced.
  • The article frames the comparison as a matter of relative size, but details such as exact figures and measurement method are not provided in the materials available for this review.

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Oct 18, 5:43 AM EDT
The Apex Times

Dimon warns prolonged high rates could stress consumers and credit markets, raising questions for JPMorgan Chase’s outlook

JPMorgan Chase CEO Jamie Dimon cautioned that if high interest rates persist, the strain could spread from consumers to broader credit conditions. The comments underline the sensitivity of bank earnings to the path of inflation, asset prices, and credit performance, even as JPMorgan largely benefits from higher-rate environments.

Dimon warns prolonged high rates could stress consumers and credit markets, raising questions for JPMorgan Chase’s outlook
The Apex Times