Blackrock\'s BUIDL Fund Surpasses $500 Million Milestone, Tokenized U.S. Treasuries Reach $1.81 Billion

This achievement coincides with the value of tokenized U.S. Treasuries reaching $1.81 billion. By Jamie Redman.

Blackrock’s BUIDL Fund Surpasses Half a Billion Dollars, Tokenized U.S. Treasuries Reach $1.81B

Blackrock’s USD Institutional Digital Liquidity Fund (BUIDL) has surpassed $500 million, making it the first tokenized money market fund to achieve this milestone. At the same time, the total value of tokenized U.S. Treasuries has reached $1.81 billion.

Blackrock’s BUIDL Fund Crosses the Half Billion Mark

According to data from Monday, Blackrock’s BUIDL fund reached $502,811,704 on July 9, 2024. This institutional digital liquidity fund, also known as BUIDL, encountered Franklin Templeton’s BENJI in the race to become the fastest fund to reach $500 million. However, BUIDL managed to cross the threshold four months after its launch, while BENJI took seven months to reach the $500 million mark.

Now, BUIDL has 17 token holders, and Ondo Finance, which initially acquired 23.68% of the token supply, has increased its holdings to 34.55%. The BUIDL fund is issued by Securitize, a blockchain infrastructure and real-world asset (RWA) tokenization firm. Only qualified purchasers can acquire the token from Securitize, and the minimum investment is $5 million.

Out of the 17 holders, the token has only experienced 225 transfers since its issuance. Ondo Finance uses the BUIDL tokens it holds as backing assets for its OUSG token, a U.S. Treasury-backed coin. Using BUIDL instead of short-term Treasuries improves settlement redemption times, allowing for instant, 24/7 subscriptions and redemptions.

Blackrock’s BUIDL achieving $500 million comes as tokenized Treasuries have reached $1.81 billion in value. In addition to Blackrock, Securitize, Franklin Templeton, and Ondo, other participants in the tokenized Treasuries market include Hashnote, Superstate, Matrixdock, Maple, Backed Finance, and Truefi.

Franklin Templeton’s BENJI, also known as FOBXX, has $400 million tokenized and is issued via Stellar and Polygon, while BUIDL is issued on Ethereum. Hashnote’s short-duration yield coin is issued on Ethereum and Canto, while Maple’s cash management pool is built on Ethereum, Solana, and Base.

BUIDL’s milestone highlights the growing momentum in tokenized finance, indicating a shift towards more efficient, accessible, and integrated financial systems. As traditional institutions adopt blockchain technology, we are seeing a convergence of traditional and decentralized finance (defi), potentially transforming how we engage with money markets and treasury instruments in the digital age.

What do you think about BUIDL reaching $500 million? Share your thoughts and opinions about this subject in the comments section below.

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