BlackRock\'s BUIDL Becomes the First Tokenized Treasury Fund to Reach a $500M Market Cap

Launched less than four months ago, BlackRock BUIDL, currently holds $502.8 million worth of tokenized treasurys.

BlackRock’s tokenized treasury fund, BUIDL, has reached a market capitalization of $500 million, making it the first tokenized treasury fund to achieve this milestone.

Launched in March 2023, BUIDL is designed to efficiently track the performance of the U.S. Treasury bill market, offering exposure to short-term government debt.

According to data from Etherscan, BUIIDL currently holds 502.8 million B-units, which are valued at $502.8 million at the time of writing.

The fund's market capitalization is also nearing half a billion dollars, specifically at $488.9 million.

The latest milestone was achieved after Ondo Finance, a firm specializing in real-world asset tokenization, purchased additional BUIDL, which it utilizes as a backing asset for its OUSG token.

BlackRock’s BUIIDL surpassed the Franklin OnChain U.S. Government Money Fund (BENJI) to become the world’s largest tokenized treasury fund in late April, within six weeks of its launch on March 15. BUIIDL has maintained the top position since then.

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BUIDL's price is pegged 1:1 to the U.S. dollar and pays daily accrued dividends directly to investors each month through its partnership with Securitize.

Ondo’s OUSG is the largest holder of BUIDL at $173.7 million, while stablecoin issuer firm Mountain Protocol also holds BUIDL to back its permissionless yield-bearing stablecoin, USDM.

There is now $1.67 billion in tokenized treasury funds on-chain, according to Dune Analytics data compiled by the parent firm of 21Shares.

Ethereum is the leading tokenization blockchain with over 75% of treasury funds, followed by Stellar at 23.9%.

In January, BlackRock CEO Larry Fink suggested that capital markets could be made more efficient through blockchain tokenization, which Boston Consulting Group estimates will become a $16 trillion market by 2030.

U.S. Treasurys are just one asset class that can be tokenized; stocks, real estate and many other assets are also capable of being represented on the blockchain.

The number of real-world asset transactions peaked in April 2024, but the total has since declined significantly, according to Dune Analytics data from Crypto Koryo.

WisdomTree is another major asset management firm tokenizing RWAs, while Ondo Finance, Backed Finance, Matrixdock, Maple Finance and Swarm are among the native blockchain firms in this space.

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