BlackRock’s BUIDL Fund Becomes First Tokenized Treasury to Reach $500 Million Market Cap
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has surpassed $500 million in market value, becoming the first tokenized treasury fund to reach this milestone, according to data from Dune Analytics. As of July 8, BUIDL has attracted around $502 million in deposits. This achievement comes as Ondo Finance increased its holdings in the fund.
Ondo’s OUSG is the largest holder, with $173.7 million invested, followed by Mountain Protocol, which uses BUIDL to back its USDM stablecoin, as reported by Crypto Briefing.
In comparison, Franklin Templeton’s Franklin OnChain US Government Money Fund, represented by the BENJI token, has captured around $402 million in deposits.
BlackRock’s BUIDL remains dominant in the tokenized government securities market. Launched in late March, the fund surpassed Franklin’s FOBXX to become the world’s largest tokenized treasury fund within six weeks.
The total market for tokenized treasury funds now stands at $1.67 billion, with Ethereum leading the space with over 75% market share, according to Dune Analytics data.
The real-world asset (RWA) market is on the rise. Data aggregator Artemis reported that RWA tokens grew almost 28% on average during the second quarter, outperforming other crypto sectors. Notable names in this space include Ondo (ONDO), Mantra (OM), Clearpool (CPOOL), and Maple (MPL).
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