The US treasury’s first tokenized product achieved a massive milestone, earlier today.
BlackRock’s BUIDL token, a U.S. Treasury-backed product launched in March on the Ethereum network, has surpassed $500 million in market value according to Etherscan data. This makes BUIDL the world’s largest tokenized treasury fund, issued in partnership with Securitize.
“We’re very excited about the adoption and growth we’ve seen as we continue pushing BUIDL to be a foundational layer for institutional crypto yields.”
Carlos Domingo, Securitize CEO
BUIDL dethroned Franklin Templeton’s blockchain-based mutual fund, boasting a market value $100 million higher. Meanwhile, Ondo Finance’s USD Yield fund, another major player, holds roughly $281 million in tokenized assets.
DeFi protocols like Ondo Finance and Mountain Protocol are using BUIDL as a backing asset for their yield products. Additionally, digital asset brokers like FalconX and Hidden Road are offering BUIDL as collateral for their institutional clients.
The demand for BUIDL stems from its low-risk profile. Investors can park their blockchain-based cash and earn a stable yield within the blockchain ecosystem using these Treasury-backed offerings.
The overall tokenized treasury market has doubled in 2024, reaching $1.8 billion in June compared to $780 million in January (data by rwa.xyz). BlackRock’s BUIDL holds the leading position with a 27% market share.
While BUIDL leads the pack, other major players have seen significant inflows recently. Franklin Templeton’s offering increased by 16%, while Hashnote’s and OpenEden’s products grew by 40% and 89%, respectively.
