BUIDL by BlackRock becomes largest onchain fund with $1B in assets
BlackRock's USD Institutional Digital Liquidity Fund, known as BUIDL, has officially surpassed $1 billion in assets under management (AUM), making it the first institutional-grade tokenized fund to reach this milestone.
Launched in March 2024, BUIDL is the largest tokenized fund tracking on-chain Treasuries, surpassing previous leaders such as Franklin Templeton’s BENJI and Hashnote’s USYC. This achievement marks a significant advancement in the tokenization sector, reflecting growing institutional interest in blockchain-based financial products, reports The Block.
A new standard in DeFi
BUIDL offers qualified investors the opportunity to earn daily dividends from a basket of short-term Treasury reserves, providing a revenue-generating alternative to stablecoins like USDT and USDC. The fund operates on public blockchains, making it fully interoperable and pegged to the U.S. dollar. With the tokenized Treasury market valued at $4.2 billion, BUIDL now controls about 25% of the total market, positioning BlackRock as a major player in the space. In a recent development, Securitize, the tokenization provider for BUIDL, integrated its first oracle, paving the way for the fund to deepen its involvement in decentralized finance (DeFi). As BUIDL continues to expand, it has been deployed across multiple blockchain networks, including Ethereum, Aptos, Arbitrum, Avalanche, Optimism, and Polygon, with the help of the Wormhole bridge for cross-chain swaps.
Forward-looking implications for institutional crypto adoption
This achievement by BlackRock signals the growing acceptance and integration of tokenized securities in mainstream finance. BUIDL’s success highlights the increasing momentum for blockchain-based solutions within institutional investing, offering both stability and returns in a way that traditional stablecoins may not. With future plans to expand into more DeFi applications and integrate further into traditional finance, BUIDL could set a new standard for tokenized funds.
Read also: BlackRock moves Bitcoin and Ethereum to Coinbase Prime
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