BlackRock's BUIDL first to cross $1 billion mark, making it the largest tokenized fund tracking onchain Treasuries

The BlackRock USD Institutional Digital Liquidity Fund, better known as BUIDL, has surpassed $1 billion in assets under management, according to a company announcement on Thursday. This marks a major advancement for the tokenization sector as the first tokenized fund issued by a Wall Street institution to reach the billion-dollar milestone.

BUIDL, launched in March 2024 , was BlackRock’s first tokenized fund to be issued on a public blockchain. It offers qualified investors the ability to earn onchain U.S. dollar yields paid daily through dividends earned through its basket of short-term Treasury reserves. The interoperable BUIDL token is pegged to the U.S. dollar, meaning it operates like a revenue-earning alternative to stablecoins like USDT and USDC.

The entire tokenized Treasury market stands around $4.2 billion, meaning BUIDL has captured about a quarter of the market.

Up until today, Hashnote’s USYC was the world’s largest tokenized money market fund backed by tokenized Treasuries, according to RWA.xyz. At around 3 p.m. ET on Thursday, RWA showed that USYC had less than $1 billion in AUM and BUIDL $800 million. According to the site, RWA updates every afternoon — though it's unclear how it sources its data.

On Wednesday, Securitize, the tokenization provider for BUIDL, integrated its first oracle , making it possible to move assets like BUIDL deeper into DeFi. Securitize also works to bring institutional-grade products from the likes of Apollo, Hamilton Lane and KKR onchain.

"We are proud of our pioneering work to make this product a reality, which demonstrates that tokenized securities are not just a concept, but a tangible innovation," Securitize CEO Carlos Domingo said in a statement. "BUIDL has set a new standard, proving to the investment community that this market is here to stay—and the momentum behind that recognition is only growing."

BUIDL was launched on the Ethereum mainnet and has since been deployed on Aptos, Arbitrum, Avalanche, Optimism. and Polygon. It uses the cross-chain Wormhole bridge for chain swaps. BlackRock tapped crypto-native firms Anchorage Digital, BitGo, Copper and Fireblocks as digital asset custodians and the Bank of New York Mellon as for cash and securities services.

BlackRock has moved swiftly into the crypto space, including issuing the fastest-growing Bitcoin and Ethereum exchange-traded funds. The firm also partnered with Coinbase to enable institutional clients to manage crypto alongside traditional portfolios.