BlackRock's USD Institutional Digital Liquidity Fund, known as BUIDL, has hit a $500 million market cap, making it the first tokenized treasury fund to reach this landmark. Launched less than four months ago, BUIDL currently holds $502.8 million in tokenized treasuries. The milestone was achieved after Ondo Finance purchased more BUIDL, which it uses to back its OUSG token. BUIDL's price is pegged 1:1 with the U.S. dollar and pays monthly dividends to investors. Currently, there is $1.67 billion worth of tokenized treasury funds onchain, with Ethereum leading the tokenization blockchain with over a 75% share.