BlackRock's BUIDL spans 8 chains and Franklin Templeton's BENJI suite covers 9, yet Circle's USYC leads on AUM while concentrated on one.


In tokenized Treasuries, where a token plugs into collateral and liquidity rails matters more than how many chains it touches.
BLK2.73%
BENJI-4.88%
CRCLX1.52%
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