The fast-growing market for tokenized U.S. Treasuries has a new leader.

Circle (CRCL), best known as the issuer of the USDC (USDC) stablecoin, has become the largest provider of tokenized Treasury exposure after its USYC token expanded to about $2.2 billion in supply, according to RWA.xyz data.

That growth pushed USYC past BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) – issued with tokenization specialist Securitize – which currently holds around $2 billion in assets. BUIDL’s market share shrank to 18% from a 46% peak in May as competition increased with new entrants.

Tokenized real-world assets such as Treasury bills and money-market funds are gaining traction among crypto traders and institutional investors as yield-generating collateral and a tool to park onchain cash. Unlike traditional financial infrastructure, blockchain-based tokens allow near-instant settlement, transparent reserves and round-the-clock access.

Treasury-backed tokens also offer an additional advantage: they allow investors to earn interest while using the assets as collateral in trading strategies, potentially improving capital efficiency compared with holding stablecoins or cash.

Circle entered the tokenized fund market after acquiring Hashnote, the issuer of USYC, in early 2025.

BUIDL issuer Securitize did not return a request for comment by press time.

A booming market

A deeper dive into the data shows that much of USYC’s recent expansion appears to be linked to activity on BNB Chain, where crypto exchange giant Binance introduced the token as off-exchange collateral for institutional derivatives trading.

Under the structure, USYC can be held with partner banks through Binance Banking Triparty or with Ceffu, Binance’s institutional custody platform.

Since the launch in July, USYC supply on BNB swelled to $1.84 billion, data shows.

“Tokenized treasuries and repo as collateral is a major emerging use case and we are proud of how quickly this has grown,” Circle CEO Jeremy Allaire said Friday in a post on X.

The broader tokenized Treasury market is also booming, hitting a fresh record high of over $11 billion, according to data from RWA.xyz. The sector added roughly $2.5 billion in market value, some 27%, since the start of the year.

The growth accelerated during January’s crypto market downturn, suggesting some investors may be parking capital in tokenized Treasuries to earn a steady yield while waiting for opportunities to redeploy funds into digital assets.

STRC trading volume jumped 471%, generating capital for roughly 4,000 BTC, according to BitcoinTreasuries.

On March 12, Strategy’s STRC preferred stock program set a single-day record, generating enough capital to fund the purchase of 4,000 BTC.

According to data from BitcoinTreasuries, the week’s total was already enough to buy more than 10,000 BTC, a pace that is drawing the attention of investors who are watching how aggressively the world’s largest corporate Bitcoin holder is building its treasury.

Record Trading Volume for STRC

In a post on X, BitcoinTreasuries revealed that there were about 7.3 million shares traded during the March 12 session, a figure 471% higher than the stock’s average daily volume.

The platform uses a model that analyzes 1-minute STRC candles during the entire trading day, including pre-market and after-hours sessions. For any bar that closed at or above $99.92, considering STRC’s $100 par value, the model attributed 40% of the volume to at-the-market (ATM) issuance. It then subtracted a 2.5% underwriter commission and divided the net proceeds by the session-average Bitcoin price to get an estimated BTC total.

March 12th’s 7.3 million share volume yielded just over $283 million in net proceeds using the formula, and when divided by Bitcoin’s average price near $70,000, it was found that the money could buy 4,000 BTC, which was a first in the program’s history.

The amount of trading reached an estimated $743 million, exciting observers enough that one of them, Mark Harvey, suggested that the day could become STRC’s first $1 billion trading day, given that at the time there were still two hours left before the market closed.

Stock Structure Draws Attention

STRC pays a variable monthly dividend currently annualized at 11.5%, and it has built-in rate adjustments designed to keep the stock trading near par. The instrument channels investor capital directly into Bitcoin purchases while providing a yield-focused product that tends to move less than Strategy’s common MSTR stock.

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Essentially, the fixed dividend remains perpetual with no principal repayment required, unlike debt. Harvey recently gave an example of how it works, using a hypothetical scenario where the company issues $100,000 of STRC at the stated 11.5% yield to buy BTC.

According to him, it would create a yearly dividend obligation of $11,500, which would be fixed, meaning that even if BTC’s value were to shoot up 10 times in five years, Strategy’s dividend obligation would be just $57,500, while its BTC holding grows by $1,000,000, delivering a net $842,500 gain to shareholders.

As of its most recent filing dated March 9, Strategy held 738,731 BTC, boosted by recent purchases, including 3,015 BTC bought on March 2 and a bigger announcement of 17,994 BTC on March 9 acquired for $1.28 billion.

At current prices, the stash is valued at about $53.1 billion, with the company having acquired it for just over $56 billion.

The crypto market has yet to react even as stablecoin supply reaches a new milestone.

Data from DeFiLlama shows the total market capitalization of stablecoins has surpassed $315 billion, setting a new all-time high. The figure increased by about $2.48 billion, or 0.79%, over the past seven days, highlighting steady growth in on-chain liquidity.

Among the largest issuers, Tether (USDT) leads with a market cap of $183.93 billion, representing about 58% of the sector. USD Coin (USDC) follows with roughly $78.8 billion, while USDS holds close to $8 billion.

Historically, such expansion has often preceded rallies across the crypto market. Stablecoins usually function as liquidity waiting to be deployed, giving traders a way to move capital quickly into assets like Bitcoin, Ethereum, or decentralized finance protocols.

During the 2020–2021 bull cycle, stablecoin supply grew from around $20 billion to more than $120 billion. That growth came shortly before Bitcoin surged from roughly $10,000 to nearly $69,000.

A similar trend appeared during the 2024–2025 recovery, when rising stablecoin issuance led to renewed demand across digital assets.

Stablecoin supply rises, but trading demand stays muted

Despite the record supply, the broader crypto market has remained relatively quiet.

Exchange flow data shows that stablecoins have not been moving into trading platforms in large numbers. On the contrary, some exchanges have recorded consistent outflows this year.

For example, Binance has reportedly seen around $2 billion in monthly stablecoin outflows, while Bitfinex has recorded roughly $336 million leaving the platform.

This pattern suggests that new stablecoin liquidity is not immediately being used for speculative trading. As a result, prices across major cryptocurrencies have remained range-bound, with Bitcoin hovering near the $70,000 level in recent weeks.

Why stablecoins may be bypassing the crypto market

One explanation is that stablecoins are no longer used only as trading tools. Their role in the digital economy has expanded significantly.

Today, stablecoins are widely used for cross-border payments, remittances, and online settlements. For many users in emerging markets, they also serve as a practical alternative to volatile local currencies.

Major payment and crypto firms are also building infrastructure around these assets. Companies such as Circle and Stripe have explored systems that allow stablecoins to support new financial services, including automated payments and tokenized assets.

Because of this shift, a growing share of stablecoin activity now occurs outside traditional crypto trading. Liquidity may still be entering the ecosystem, but it is not immediately flowing into exchanges or spot markets.

For the crypto market, that leaves a mixed outlook. In the short term, prices could continue to move sideways as traders wait for stronger inflows.

Over a longer horizon, however, the expanding stablecoin supply may still provide the foundation for the next major rally, if that liquidity eventually returns to crypto markets.

Will bitcoin dump below $70,000 after the latest rejection?

The primary cryptocurrency registered a renewed uptick over the past hours, with its price soaring past $74,000 before it faced an immediate rejection.

The broader outlook remains bearish, with BTC still trading far below its all-time high of over $126,000 reached last October. Analysts have highlighted several key resistance levels that must be reclaimed before bulls can regain full control.

More Gains Ahead?

The impressive revival comes on the back of Donald Trump’s recent remarks that Iran is “about to surrender” as well as the reports that the newly elected leader of the Asian country, Mojtaba Khamenei (who is the son of the late Ali Khamenei), is “likely disfigured.”

BTC’s pump has caught the attention of multiple market observers, and some expect the rally to go on in the short term. X user Ted noted that Coinbase Premium is rising, indicating solid spot demand. He believes that holding above the $70,000 zone could lead to further gains of around $76,000.

The analyst who goes by the moniker Ardi on X claimed that the leading digital asset needs to flip the $74,000 resistance into support to actually “start looking macro bullish again.” If it could achieve that, the valuation might surge to $85,000, he added. At the same time, he warned that anything below that mark is “just price setting a macro lower high in a downtrend.”

Certain indicators suggest the asset could continue marching north. Data from SoSoValue show that over the past few days, inflows into spot BTC ETFs have outpaced outflows. This is a clear bullish factor that displays that institutional investors, such as pension funds, hedge funds, and asset managers, have been increasing their exposure to cryptocurrency. As inflows rise, ETF issuers are required to purchase additional BTC to back the new shares, creating buying pressure that can further support the price.

Next on the list is the gradually declining amount of coins sitting on crypto exchanges. According to CryptoQuant, the figure slipped to roughly 2.74 million today, the lowest level since the end of 2020. This development signals that investors have been moving their holdings toward self-custody methods and are in no rush to cash out.

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Short-Term Pullback on the Horizon?

Other metrics, such as the Relative Strength Index (RSI), suggest that BTC’s substantial resurgence could soon be replaced by a correction. The technical analysis tool measures the speed and magnitude of recent price changes to give traders an idea about possible reversal points. It ranges from 0 to 100, and readings above 70 signal that the asset is overbought and gearing up for a decline. As of press time, the RSI stands at 81.

BTC’s Market Value to Realized Value (MVRV) is also worth analyzing. It compares the current value of all coins to the price at which people originally paid to acquire their holdings. Over the past months, the ratio has been decreasing, reaching around 1.3 today. According to CryptoQuant, readings below 1 typically signal a bottom, implying that the bear market may not have fully unfolded yet.

Earlier this week, numerous analysts warned that BTC’s price could drop to $50,000, and possibly lower, later this year.

Key points:

• Bitcoin turned down from the $74,000 level, indicating that the bears remain sellers on rallies.

• Several major altcoins are showing strength and are likely to break above their immediate resistance levels.

Bitcoin (BTC) turned down from the $74,000 level, indicating that the bears are vigorously defending the level. Glassnode said in its latest Week On-chain newsletter that BTC is stuck between the realized price (average acquisition cost of all circulating supply) at $54,400 and true market mean (the cost basis of actively transacted coins) at $78,000. Rally attempts are likely to witness rejection at the $78,000 level.

Historical data also does not support a sharp rally in BTC in 2026. Data from Binance Research shows that BTC has seen drawdowns of 56%, 73%, and 64% during the 2014, 2018 and 2022 US midterm election years. However, there is a ray of hope for the bulls as the two years following the midterm elections have seen massive gains in BTC.

Notwithstanding the uncertainty, a positive sign in favor of the bulls is that BTC has emerged as the best performing macro asset since the start of the US and Israel-Iran war. It shows investors are not panicking and dumping their BTC positions. That increases the likelihood of a bottom formation in BTC.

Could buyers propel BTC and select major altcoins above their overhead resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC rallied toward the overhead resistance at $74,508, where the bears are mounting a strong defense.

The 20-day exponential moving average ($69,271) has flattened out, and the relative strength index (RSI) has jumped into the positive zone, signaling an advantage to buyers. That increases the possibility of a break above the $74,508 level, completing a bullish ascending triangle pattern. The BTC/USDT pair may then skyrocket to $84,000. 

Sellers will have to tug the Bitcoin price below the support line to signal a comeback. If they do that, the pair may collapse to the $62,500 to $60,000 support zone.

Ether price prediction

Sellers are attempting to halt Ether’s (ETH) relief rally at the 50-day simple moving average ($2,173), but the bulls continue to exert pressure.

If buyers do not allow the Ether price to slip back below the 20-day EMA ($2,036), it enhances the prospects of a rally to $2,600. Such a move suggests that the downtrend may be over.

Sellers are likely to have other plans. They will attempt to swiftly pull the price back below the 20-day EMA. If they can pull it off, it suggests that the ETH/USDT pair may extend its range-bound action between $1,750 and $2,200 for some more time.

BNB price prediction

BNB (BNB) reached the 50-day SMA ($680), where the bears are expected to mount a strong defense.

However, if buyers overcome the barrier at the 50-day SMA, the BNB price may ascend to $730 and subsequently to $790. Such a move suggests that the BNB/USDT pair may have bottomed out at $570.

Alternatively, if the price turns down from the 50-day SMA and breaks below the 20-day EMA, it suggests that the bears remain in command. The pair may drop to $607 and thereafter to $570.

XRP price prediction

XRP (XRP) has risen above the 20-day EMA ($1.39), indicating that the selling pressure is reducing.

The relief rally is expected to face selling at the 50-day SMA ($1.49) and then at the $1.61 level. If the XRP price turns down from the overhead resistance but rebounds off the 20-day EMA, it suggests a change in sentiment from selling on rallies to buying on dips. That increases the possibility of a rally to the downtrend line of the descending channel pattern.

This positive view will be negated in the near term if the price turns down from the 50-day SMA and breaks below $1.27. The XRP/USDT pair may then plummet to the support line.

Solana price prediction

Solana (SOL) has gradually risen to the top of the $76 to $95 range, indicating that selling pressure is reducing.

If buyers overcome the barrier at $95, the SOL/USDT pair might travel to the $117 level. Sellers are expected to fiercely defend the $117 level, but on the way down, if the Solana price does not dip below $95, it suggests that the pair may have bottomed out in the short term.

Contrarily, if the price turns down sharply from the $95 level, it signals that the bears remain in control. The pair may continue to oscillate between $95 and $76 for a few more days.

Dogecoin price prediction

Dogecoin (DOGE) has been trading between the 50-day SMA ($0.10) and the $0.09 level for the past few days.

The tightening range suggests a possible range expansion in the near term. A close above the 50-day SMA opens the gates for a rally to the breakdown level of $0.12. If the Dogecoin price turns down from the $0.12 level, it signals a possible range formation. The DOGE/USDT pair may consolidate between $0.09 and $0.12 for a while.

A close above the $0.12 resistance clears the path for a rally to the $0.16 level, while a break below the $0.09 support signals the resumption of the downtrend.

Hyperliquid price prediction

Hyperliquid (HYPE) closed above the $36.77 resistance on Thursday, indicating that the bulls are attempting to take charge.

There is minor resistance at $38.43, but it is likely to be crossed. The HYPE/USDT pair may march to $43 and later to $50.

The first sign of weakness will be a close below the $36.77 level. That suggests the bears are selling on rallies. The Hyperliquid price may descend to the 20-day EMA ($32.57), which is a critical support to watch out for. If the price rebounds off the 20-day EMA with force, the bulls will again attempt to resume the recovery. Sellers will be back in control on a close below the 50-day SMA ($30.65). 

Related: Here’s why XRP bulls see an ‘explosive run’ to $2.55 next

Cardano price prediction

Cardano (ADA) has risen above the 20-day EMA ($0.27), indicating aggressive buying by the bulls.

The 50-day SMA ($0.28) may act as a resistance, but it is likely to be crossed. The ADA/USDT pair may then rise to the downtrend line of the descending channel pattern. A close above the downtrend line signals a potential short-term trend change. That clears the path for a rally to $0.39 and subsequently to $0.44.

Instead, if the Cardano price turns down sharply from the downtrend line, it signals that the bears remain sellers on rallies. That might keep the pair inside the channel for some more time.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) has pierced the 20-day EMA ($471), indicating that the bulls are on a comeback. 

If the Bitcoin Cash price closes above the 20-day EMA, the BCH/USDT pair may surge to the 50-day SMA ($514). Sellers are expected to defend the 50-day SMA, as a close above it opens the doors for a rally to $600.

Contrary to this assumption, if the price turns down sharply from the moving averages, it indicates that the bears remain in control. That increases the likelihood of a break below the $443 level. The pair may then plunge to $375.

Monero price prediction

Buyers held Monero’s (XMR) pullback at the 20-day EMA ($348), indicating that the dips are being viewed as a buying opportunity.

That improves the prospects of a break above the 50-day SMA ($366). If that happens, the XMR/USDT pair may climb to the 61.8% Fibonacci retracement level of $414 and later to $452.

Time is running out for the bears. They will have to swiftly yank the Monero price below the $333 level to weaken the bulls. The pair may then tumble to $309, where the buyers are expected to step in.