Blackrock’s Tokenized Securities Fund BUIDL Tops $500M

The on-chain U.S. Treasuries sector has grown by 133% in 2024 so far.

BlackRock, the world’s largest asset manager, first foray into bringing real-world assets on-chain continues to break new ground.

On July 8, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) became the first on-chain U.S. treasuries fund to surpass $500 million in assets under management, according to data from Rwa.xyz.

BUIDL lives on the Ethereum blockchain and is managed by Securitize Markets, a firm specializing in tokenized securities.

With BUIDL launching in March, the fund crossed the half-billion threshold in less than four months after hosting rapid growth.

For comparison, Franklin Templeton’s OnChain U.S. Government Money Fund (FOBXX), the second-largest tokenized treasuries fund, has amassed $400.9 million in assets since launching in April 2021. Ondo Finance’s USD Yield fund (USDY) ranks third with $291.5 million after going live last August.

More than $1.8 billion is currently locked in on-chain treasuries funds, marking growth of 133% since the year began.

ETF success

BlackRock’s rapid growth evidences that many traditional investors are open to utilizing distributed ledger technology, with Blackrock’s financial incursion into on-chain finance enjoying widespread acceptance among investors.

Blackrock also emerged a leading player in the Bitcoin exchange-traded fund (ETF) sector, with BlackRock’s iShares Bitcoin Trust (IBIT) accumulating more than 304,000 BTC ($17 billion) on behalf of investors.

IBIT accounts for 35% of the spot Bitcoin ETF market cap, ranking it as the sector’s largest fund.