BlackRock’s Tokenized Treasury Fund BUIDL Reaches $500M
YEREVAN (CoinChapter.com) — The BlackRock USD Institutional Digital Liquidity Fund, known as BUIDL, has reached a significant milestone, achieving a $500 million market cap. Launched in April 2024, BUIDL has rapidly grown. It now holds $502.8 million worth of tokenized Treasurys. This information is verified by Ethereum block explorer Etherscan.
Transactions made with BUIDL’s contract address. Source: Etherscan BUIDL Hits $500M Mark in Under Four Months, Boosted by Ondo Finance
BUIDL achieved the significant milestone in less than four months, with transactions involving BUIDL’s contract address surging in the past eight hours, as shown by Etherscan data. The increase in BUIDL’s value was driven by Ondo Finance, a real-world asset tokenization firm, purchasing more BUIDL tokens to back its OUSG token.
BUIDL Becomes Largest Tokenized Treasury Fund in Just Six Weeks
Launched on March 15, BUIDL surpassed the Franklin OnChain U.S. Government Money Fund (BENJI) as the world’s largest tokenized treasury fund by late April.
Robert Leshner Congratulates BlackRock and Securitize. Source: @rleshner
BUIDL has maintained this position since then. BUIDL’s price is pegged 1:1 with the U.S. dollar and pays daily accrued dividends to investors monthly through its partnership with the real-world asset tokenization platform Securitize.
Ondo Finance Leads BUIDL Holdings in $1.67B Market
Ondo’s OUSG is the largest holder of BUIDL, with $173.7 million. Stablecoin issuer Mountain Protocol also holds BUIDL to back its yield-bearing stablecoin, USDM.
Dune Analytics data compiled by the parent firm of 21Shares shows $1.67 billion worth of tokenized treasury funds onchain. Ethereum is the leading blockchain for these funds, holding more than a 75% share, followed by Stellar at 23.9%.
Top Tokenized Treasury Funds Market Overview. Source: Tokenization Market Landscape Summary Table Tokenization Market Poised for $16 Trillion by 2030
In January, BlackRock CEO Larry Fink stated that blockchain tokenization could make capital markets more efficient. Boston Consulting Group estimates the tokenization market will reach $16 trillion by 2030. U.S. Treasurys are just one part of this market; stocks, real estate, and other assets can also be tokenized.
Real-world asset transactions peaked in April 2024, as shown by Dune Analytics data from Crypto Koryo.
Number of real-world asset transactions onchain since December 2023. Source: Dune Analytics
WisdomTree and other large asset management firms are also exploring real-world asset tokenization. Blockchain-native firms like Ondo Finance, Backed Finance, Matrixdock, Maple Finance, and Swarm are active in this field, contributing to the growing ecosystem of tokenized assets.
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