- BlackRock’s BUIDL fund surged from US$615M to US$1.87B in just three weeks—a 382.93% increase—highlighting explosive growth in tokenisation.
- Launched in March 2024 with Securitize, it now commands a 34% market share in the tokenised US Treasury sector.
- The fund is expanding to include Solana and other blockchains, even though most assets remain held in Ethereum.
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), its tokenised money market fund, surged to nearly US$2B (AU$3.18B), tripling in value over the past three weeks.
According to Token Terminal data cited by Leon Waidmann, head of research at Onchain Foundation, the fund’s total value locked (TVL) jumped from US$615M (AU$976M) to US$1.9B (AU$2.97B) in just three weeks.
That is a massive 383% increase in just 21 days. If this is not a sign that tokenisation is popping off, then I don’t know what is.
Related: Fidelity Makes Bold Move into Solana Ecosystem, Files Official ETF Application with SEC
BUIDL and HODL
BlackRock launched its BUIDL fund in March 2024 in partnership with tokenisation specialist Securitize.
In a recent Fortune interview, Michael Sonnenshein, COO of Securitize, described the fund’s objective as making off-chain assets “unboring”. This sentiment comes on the heels of real-world assets (RWAs) hitting a new cumulative all-time high of over US$19B (AU$30.2B) on March 27, according to data from RWA.xyz
BUIDL currently commands a 34% market share, positioning it as a leader in the tokenised US Treasury sector.
Related: GameStop Adopts Bitcoin as Treasury Reserve, Shares Surge on Cryptocurrency Strategy
Talking about Securitize, the company recently announced that the BUIDL fund will now extend its operations to include Solana (SOL). This expansion comes at the heels of other expansions across several blockchains, including Aptos, Arbitrum, Avalanche, Optimism, and Polygon. However, most of its assets are held in Ethereum, of course, with over US$1.7B (AU$2.70B).
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