Six entities hold 88% of tokenized US Treasuries. The largest is BlackRock, with BUIDL at $2.5 billion, but also includes Franklin Templeton’s BENJI, at $707 million; Superstate’s USTB, at $661 million; Ondo’s USDY, at $586 million; Circle’s USYC, at $487 million; and Ondo’s OUSG Fund, at $424 million.