Tokenized US Treasuries have reached a total value exceeding $10 billion, signifying their evolution from a proof-of-concept to a functional infrastructure. According to NS3.AI, Circle's USYC has surpassed BlackRock's BUIDL to become the largest tokenized Treasury product. This change is attributed to better distribution, simpler collateral mechanics, and wider investor access, rather than brand strength. The development underscores the growing significance of integration and operational efficiency in the tokenized collateral sector and indicates a rising adoption by institutional users.