BlackRock's BUIDL Becomes Largest Tokenized Treasury Fund Hitting $375M, Toppling Franklin Templeton's
BlackRock's tokenized asset fund BUIDL has become the largest of its kind, surpassing Franklin Templeton's similar offering. The BlackRock USD Institutional Digital Liquidity Fund, represented by the BUIDL token on the Ethereum network and backed by U.S. Treasury bills, repo agreements, and cash, now has $375 million of deposits. The fund, created with Securitize, has captured almost 30% market share since its launch on March 21. Franklin Templeton's fund, represented by the BENJI token, slid to $368 million in assets under management. The growth of Ondo Finance's tokenized Treasury offering OUSG, which uses BlackRock's token as a reserve asset, contributed to this shift. Tokenization of real-world assets has gained traction due to benefits like faster settlements, increased operational efficiency, and greater transparency. The tokenized Treasury market has grown to nearly $1.3 billion from around $100 million in early 2023, partly due to BlackRock's entry.
