BlackRock's BUIDL fund surpasses the 500 million USD capitalization mark
After just over 2 months since rising to the position of the largest tokenized fund, BlackRock's BUIDL fund has surpassed the 500 million USD mark in total assets under management (AUM) for the first time.
In less than four months since its launch in March 2024, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) has become the first tokenized fund to reach the milestone of $500 million in assets under management amid The cryptocurrency market is seeing increasing selling pressure from German authorities and users being refunded assets from Mt. Gox.
According to data from Etherscan, the BUIDL fund currently holds $502.8 million in assets under management, represented by the BUIDL token on the Ethereum network.
If calculated from the day the BUIDL fund rose to the position of the largest tokenized fund in the world, surpassing its direct competitor, Franklin Templeton's FOBXX fund, by about 8 million USD, BUIDL has now surpassed FOBXX by more than 100 million USD in assets. management products.
Recently, the BUIDL fund has received a strong boost from DeFi protocols such as Ondo Finance and Mountain Protocol. These projects use the fund's BUIDL tokens as collateral for the products in the project. Additionally, digital asset brokerage firms such as FalconX and more recently Hidden Road have also added BUIDL tokens to their client collateral portfolios.
Notably, the 500 million USD milestone that the BUIDL fund achieved after the institutional-level RWA decentralized finance platform Ondo Finance purchased more BUIDL and used it as collateral for the project's OUSG token. The price of the BUIDL token is pegged to USD at a 1:1 ratio. All assets in the fund will be converted into cash and US Treasury bonds, allowing investors to profit while holding BUIDL tokens on the Ethereum network.
Ondo Finance currently owns about 44.8% of the BUIDL fund and has distributed it through two wallets, OUSG Holding and OUSG Instant Manager.
The rapid growth of the BUIDL fund shows growing institutional interest in tokenizing real assets such as bonds and credits. Data from Dune Analytics shows that there is currently more than $1.67 billion worth of US Treasury bonds tokenized on Ethereum, Solana and Stellar.
BlackRock partnered with Securitize, a company specializing in real asset tokenization, to launch the BUIDL fund in March 2024, attracting 245 million USD in just 1 week after launch.
“BUIDL continues to become the tokenization fund for many other innovative RWA products,” said Securitize CEO Carlos Domingo.
BlackRock is truly the "golden hand" when investing in funds in the blockchain field. Besides the BUIDL fund, BlackRock also owns the largest Bitcoin spot IBIT ETF with nearly 18 billion USD inflows. This fund also created a record. Its own record is that it is the first ETF to have a streak of 71 consecutive days of inflow.
