Blackrock’s BUIDL Fund Surpasses $500 Million

• Blackrock’s tokenised US TReasury fund, BUIDL, surpassed a market value of $500 million.
• The overall market of tokenized US Treasury products has risen to $1.8 billion, signalling growth in the RWA space.

Blackrock’s tokenised fund, the BlackRock USD Institutional Digital Liquidity Fund, has seen significant growth within the first four months of its launch as its market value surpassed $500 million, making it the first tokenized US Treasury product to achieve such a milestone.

This development comes on the back of growth in tokenised funds across the board as the overall market for tokenised US Treasuries stands at $1.8 billion. At a $500 million value, Blackrock controls 27% of that market and much of this dominance is on the backs of other protocols, like Ondo, that use BUIDL to back their yield-bearing products.

RWA keeps growing

According to data provider, rwa.xyz, the on-chain Treasuries market has doubled in size to $1.8 billion this year as institutional investors seek US Treasuries as low-risk investments.

However, the most popular RWA asset remains tokenised private credit with $12 billion in total loans originated by all protocols, with the lion’s share originating from protocols like Figure ($8.3 billion), Maple ($1.9 billion), and TrueFi ($1.7 billion)

Much of the RWA market still resides on the Ethereum network.

Blackrock is in good company

Blackrock isn’t the only firm with a tokenised fund. Franklin Templeton, a US-based asset manager, offers a tokenised US Treasury fund with a market value of around $400 million. Hashnote also runs a fund with a $118.86 million market value. Other protocols include Ondo, Maple, TrueFi, Superstate, and Open Eden, all of which have recorded significant growth this year.