News

According to a report by Cryptoslate cited by Jinse Finance, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) expanded by approximately $1 billion between March 26 and June 11, accounting for about half of the $2 billion growth in the tokenized US Treasury market during the same period. As of now, data from rwa.xyz shows that BUIDL has reached a scale of $2.89 billion, making it the largest tokenized money market fund and representing 40% of the $7.34 billion market. March 26 marks a significant milestone, as EthenaLabs ceased increasing its fund holdings of the stablecoin USDtb on that day. Most of BUIDL’s growth in 2025 has been driven by USDtb, with $1.3 billion—90% of its reserves—being injected into the fund. Even without Ethena’s contribution, BUIDL still achieved a remarkable 35% growth in less than three months, highlighting the strong demand for regulated, high-yield cash instruments on public blockchains. Additionally, since the fund reached $1 billion in assets on March 13, its size has nearly tripled. The fact that the fund tripled in less than 90 days underscores the surging market interest in the tokenization of real-world assets (RWA), especially tokenized US Treasuries.