BUIDL, BlackRock's first crypto-asset fund, raised $245 million a week after its launch, quickly gaining significant market share in the crypto-US Treasury bond market.
The money was raised in the BUIDL fund, according to Etherscan Data
Currently, BUIDL is the second largest fund, only behind Franklin's Franklin OnChain (FOBXX) US Government Monetary Fund, with 360 million USD, according to data from the Real-World Asset platform.
BlackRock said that the BUIDL fund operates on the Ethereum (ERC-20) blockchain platform. The fund will provide stablecoin coded BUIDL at a stable price of 1 USD and pay dividends in BUIDL directly to investors' wallets each month. month. The fund also offers flexible custody options, allowing investors to decide how to hold their BUIDL coins.
In addition, 100% of the fund's assets will be guaranteed by safe, low-risk assets such as cash, US Treasury Bills and Repurchase Agreements.
BlackRock's participation shows that major financial institutions are increasingly interested in blockchain technology. Along with BlackRock, other leading names such as HSBC, JPMorgan and Citigroup are also actively exploring the potential of blockchain in improving efficiency and accelerating payment processes for traditional financial instruments.
Tokenization of US Treasury bonds will open up a low-risk investment option for investors, helping them earn stable profits right within the blockchain ecosystem. The tokenized Treasury bond market has seen explosive growth, expected to grow ninefold from $100 million in early 2023 and could reach $1 billion in the near future, according to analyst Tom Wan. at digital asset manager 21Shares.