BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has reached $1.92 billion in assets under management less than a month after breaking $1 billion.
The explosive growth places it ahead of all but four stablecoins among tokenized RWAs, according to data from rwa.xyz.
The fund, launched in March 2024 and administered via the Securitize protocol, invests in U.S. Treasuries and operates under a Reg D exemption.
It has recorded a 183.97% increase in market cap over the past 30 days, driven by institutional flows and increasing adoption of tokenized money market strategies.
BUIDL now ranks sixth among dollar-linked digital assets by market capitalization, just behind First Digital USD and ahead of assets such as Ethena’s USDtb, Tether Gold (XAUT), and USDD.
With a $1 net asset value and 4.5% annual yield, BUIDL functions like traditional money market funds while leveraging blockchain rails for programmable liquidity.
The fund spans Ethereum, Avalanche, Polygon, Arbitrum, Optimism, and Aptos, with over 90% of its supply on Ethereum.
Among tokenized U.S. Treasury RWA funds, BUIDL is the largest by a significant margin, nearly tripling the size of Franklin Templeton’s BENJI and Paxos Gold (PAXG). Only Tether’s USDT, Circle’s USDC, MakerDAO’s USDS, and Binance-Peg USD maintain larger market caps in the broader digital dollar category.
Institutional demand for regulated, yield-generating instruments on-chain appears to be accelerating, positioning BUIDL as a benchmark for treasury-backed RWAs integrated into public blockchain ecosystems.
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