Ondo Finance and Superstate recorded significant growth in the tokenized US Treasury bill market for the week ending October 19, 2026. Ondo increased its market capitalization by $41.6 million, while Superstate added $34.2 million, totaling $75.8 million in new capital for the two issuers.
As of October 13, 2026, Ondo surpassed $3 billion in total tokenized Treasury assets, representing approximately one-fifth of the total market, which was valued between $14.9 billion and $15.5 billion. The platform's USDY product reached $2.328 billion, while its OUSG offering held $319 million.
Competition remains tight among individual products. Circle’s USYC leads with $2.38 billion under management, followed by Ondo’s USDY at $2.328 billion and BlackRock’s BUIDL at $2.2 billion. Superstate’s USTB product is now marketed under the Invesco brand.
Despite the growth in tokenized Treasuries, their integration into decentralized finance remains limited. Estimates suggest that only 0.4% to 2% of these assets are deployed in lending markets or liquidity pools, as most holders prefer to keep the tokens in wallets to collect yields.
