BlackRock tokenized fund exceeds $500 million in market value

The BlackRock USD Institutional Digital Liquidity (BUIDL) fund has surpassed $500 million in market value, unseating Franklin Templeton's blockchain-based mutual fund.

The tokenized fund backed by US Treasuries, launched on the Ethereum network in March, held $502.8 million in BUIDL tokens, Etherscan data shows.

That makes BUIDL the world's highest-value tokenized treasury fund, according to its issuer, Securitize Markets.

“We are very excited about the adoption and growth we have seen as we continue to drive BUIDL to be a foundational layer for institutional crypto returns,” Securitize CEO Carlos Domingo told The Block in a statement sent by email. 

BUIDL's record growth comes shortly after some cryptocurrency industry players embraced the fund in recent months. Earlier this year, DeFi protocols like Mountain and Ondo leveraged BUIDL for their derivative products. Last week, Hidden Road joined FalconX and agreed to accept BUIDL as collateral across its network.

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