Yet, something happening underneath this achievement is just as important: Circle's USYC has edged past BlackRock's BUIDL as the largest tokenized Treasury product, signaling that distribution rails and collateral mechanics now matter more than brand recognition in determining which on-chain cash equivalents win. If the cash collateral stack is built first inside prime brokerage and derivatives workflows, the product that integrates earlier captures the flow. For institutions building collateral rails that need to scale across multiple venues and counterparties, the simpler the structure, the lower the operational drag.
Author: Gino Matos
Published at: 2026-01-25 20:20:57
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