BlackRock bags one-third of $1.3bn tokenised US bond market only two months after launch
BlackRock’s Ethereum-based tokenised fund has secured about a third of the $1.3 billion tokenised Treasuries market in just under two months, according to data shared by S&P Global Ratings.
BUIDL has bagged $381 million since its March 20 launch, enabling it to leapfrog rival Franklin Templeton’s Franklin OnChain US Government Money Fund, which has $360 million in tokenised Treasuries on Polygon and Stellar.
Crypto market movers
Bitcoin is up 4.7% in the last 24 hours, trading at $64,700.
Ethereum rose 2.7% in the same period, now at $2,980.
Solana and Avalanche are both up 7%.
Stepping stones
BlackRock’s fund began with $100 million in funding, and attracted another $160 million in the week after its launch. It has gained over $80 million in the last month.
About two dozen other players, such as real-world asset tokenisation platform Ondo Finance, hold the remaining third of the tokenised bond market.
