Six entities control 88% of all tokenized U.S. Treasury bonds, led by BlackRock's BUIDL with $2.5 billion.
Other major shareholders are Franklin Templeton's BENJI ($707 million), Superstate's USTB ($661 million), Ondo's USDY ($586 million), Circle's USYC ($487 million), and Ondo's OUSG ($424 million).