BUIDL vs CIRCLE USYC
BlackRock USD and Circle USYC, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and BUIDL/CIRCLE USYC spread
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BlackRock's tokenised US dollar institutional liquidity fund. Holds cash, Treasuries and repo, with daily NAV and same-day redemption for qualified purchasers.
Verdict band: Robust
Circle USYC issues dollar-denominated tokenized real-world assets across 2 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 96 | 66 | BUIDL |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 100 | 55 | BUIDL |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $3.55B | $0.00 | BUIDL |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 100 | 48 | BUIDL |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | 0.000% | 0.000% | Tie |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 61 | 53 | BUIDL |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $2.74B | $2.98B | CIRCLE USYC |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 8 chains | 2 chains | BUIDL |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 3.60% | None | BUIDL |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
BUIDL scores higher on safety (96 vs 66), driven mainly by collateral quality and disclosure. BUIDL has deeper tracked liquidity ($3.55B), which is what determines whether you can exit at size. BUIDL currently earns up to 3.60% — remember that any rate above the T-bill yield is payment for a risk.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: BUIDL or CIRCLE USYC?
Capital preservation over everything else.
For park cash safely, BUIDL is the better fit over CIRCLE USYC.
- Safety score 96 vs 66, with collateral rated 100/100.
- Current peg deviation 0.000% against 0.000% for CIRCLE USYC.
- No material depeg recorded for BUIDL in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
BUIDL
- Issuer and banking risk: reserves sit with BlackRock / Securitize under United States (Reg D) rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: daily.
- Yield venue risk: 3.60% is earned outside the token itself.
CIRCLE USYC
- Issuer and banking risk: reserves sit with Circle USYC under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Chain concentration: 98% of supply sits on Binance.
| Metric | BUIDL | CIRCLE USYC |
|---|---|---|
| Category | Tokenized Treasury | Tokenized Treasury |
| Issuer | BlackRock / Securitize | Circle USYC |
| Jurisdiction | United States (Reg D) | Not documented |
| Collateral | treasuries | treasuries |
| Peg mechanism | fiat-backed | asset-backed |
| Attestation | daily | monthly |
| Redemption | direct | gated |
| Price | $1.0000 | $1.0000 |
| Peg deviation | 0.000% | 0.000% |
| Market cap | $2.74B | $2.98B |
| 7d supply change | +1.20% | −0.81% |
| Liquidity | $3.55B | $0.00 |
| Best yield | 3.60% (blackrock-buidl · Ethereum) | None |
| Chains | 8 | 2 |
| Launched | 2024 | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (BUIDL vs CIRCLE USYC)
- -0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- BUIDL 0.000% · CIRCLE USYC 0.000%
- Yield spread
- +3.60%
- BUIDL 3.60% · CIRCLE USYC —
- Liquidity ratio
- —
- $3.55B vs $0.00
A round trip between BUIDL and CIRCLE USYC costs roughly the market spread plus venue fees. At 0.0 bps of price gap, swapping $1M implies about $0.00 of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Historical context
Track record is the part of a stablecoin you cannot model — it has to be observed. Here is how BUIDL and CIRCLE USYC have actually behaved since launch, including every stress event we have on record.
- BUIDL
BlackRock USD goes live.
Chain coverage
BUIDL is live on 8 chains, CIRCLE USYC on 2. 1 chains carry both, so bridging is only unavoidable for the 8 networks where just one of them is deployed.
| Chain | BUIDL | CIRCLE USYC | Both available |
|---|---|---|---|
| — | $2.91B | CIRCLE USYC only | |
| $1.19B | $72.71M | Yes | |
| $741.42M | — | BUIDL only | |
| $634.39M | — | BUIDL only | |
| $111.06M | — | BUIDL only | |
| $26.37M | — | BUIDL only | |
| $16.18M | — | BUIDL only | |
| $13.48M | — | BUIDL only | |
| $8.54M | — | BUIDL only |
BUIDL vs CIRCLE USYC: frequently asked questions
Is BUIDL or CIRCLE USYC safer?
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On our composite safety score BUIDL rates 96/100 versus 66/100 for CIRCLE USYC. The score weighs collateral quality (treasuries vs treasuries), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between BUIDL and CIRCLE USYC?
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BlackRock USD is issued by BlackRock / Securitize (United States (Reg D)), backed by treasuries, with redemption terms: direct. Circle USYC is issued by Circle USYC (Not documented), backed by treasuries, with redemption terms: gated. Attestation coverage is "daily" for BUIDL and "monthly" for CIRCLE USYC.
Which has the bigger market cap, BUIDL or CIRCLE USYC?
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CIRCLE USYC is larger at $2.98B in circulating supply, against $2.74B for the other. Over the last 7 days supply moved +1.20% for BUIDL and −0.81% for CIRCLE USYC.
Are BUIDL and CIRCLE USYC trading at $1.00 right now?
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BUIDL trades at $1.0000 (0.000% off peg) and CIRCLE USYC at $1.0000 (0.000% off peg). The gap between the two is about 0.0 basis points, which is the cost you pay when rotating size between them before fees.
Has BUIDL or CIRCLE USYC ever depegged?
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BUIDL: no material depeg recorded in our incident set. CIRCLE USYC: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, BUIDL or CIRCLE USYC?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. BUIDL shows deeper on-chain liquidity at $3.55B versus $0.00. Combine that with the redemption channel — BUIDL: direct; CIRCLE USYC: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on BUIDL or CIRCLE USYC?
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BUIDL currently shows the higher rate at 3.60% via blackrock-buidl · Ethereum, against no tracked rate for CIRCLE USYC. Neither token pays interest by holding it in a wallet: the yield comes from lending, liquidity provision or a wrapped yield-bearing version, each with its own counterparty and contract risk.
Which chains support both BUIDL and CIRCLE USYC?
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Both are deployed on 1 shared network, including Ethereum. BUIDL spans 8 chains in total and CIRCLE USYC spans 2. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from BUIDL to CIRCLE USYC?
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Budget three components: the current price spread of roughly 0.0 bps, swap or venue fees, and slippage against available depth ($3.55B for BUIDL, $0.00 for CIRCLE USYC). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is BUIDL or CIRCLE USYC regulated?
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BUIDL is issued from United States (Reg D) with daily; CIRCLE USYC is issued from Not documented with monthly. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.