Blackrock’s BUIDL Fund Hits $500M Milestone

Blackrock’s tokenized US Treasury fund, BUIDL, has reached a market value of $500 million, showing significant growth in the RWA space. The overall market for tokenized US Treasury products has also increased to $1.8 billion, indicating a growing trend in this sector.

The BlackRock USD Institutional Digital Liquidity Fund has experienced impressive growth since its launch, becoming the first tokenized US Treasury product to achieve a market value of $500 million within just four months. With this milestone, Blackrock now controls 27% of the overall market for tokenized US Treasuries, largely due to other protocols like Ondo using BUIDL to support their yield-bearing products.

RWA Market Expansion

Data from reveals that the on-chain Treasuries market has doubled in size to $1.8 billion this year, as institutional investors increasingly turn to US Treasuries for low-risk investments. Despite this growth, tokenized private credit remains the most popular RWA asset, with a total of $12 billion in loans originated by various protocols. Figure leads the way with $8.3 billion in originated loans, followed by Maple with $1.9 billion, and TrueFi with $1.7 billion.

Ethereum Network Dominance

The majority of the RWA market is still concentrated on the Ethereum network, where most tokenized funds and assets are currently traded. Blackrock’s success in the tokenized US Treasury space reflects the broader trend of growth and adoption in the RWA sector.

Industry Competition

While Blackrock’s BUIDL Fund has achieved a significant milestone, it is not the only player in the tokenized fund market. Franklin Templeton, another US-based asset manager, offers a tokenized US Treasury fund valued at around $400 million. Additionally, Hashnote operates a fund with a market value of $118.86 million. Other protocols such as Ondo, Maple, TrueFi, Superstate, and Open Eden have also experienced notable growth this year, contributing to the overall expansion of the tokenized fund market.

In conclusion, Blackrock’s BUIDL Fund reaching a $500 million milestone highlights the increasing popularity and adoption of tokenized US Treasury products in the RWA space. With the market for tokenized funds continuing to grow and attract institutional investors, the future looks promising for this evolving sector.