BlackRock's Tokenized Fund Quickly Rakes in $245M, Right Behind Franklin Templeton's Older Offering
Summary
BlackRock's BUIDL tokenized asset fund quickly gained a significant market share in the blockchain-based tokenized U.S. Treasury market, attracting $245 million in deposits within a week. It ranks second, trailing Franklin Templeton's fund. The tokenization of U.S. Treasuries has seen substantial growth, with BlackRock's BUIDL contributing to the market's expansion. The fund, built on the Ethereum blockchain, offers stable yield and instant settlement, primarily targeting large institutional investors. Ondo Finance shifted $95 million to BUIDL for its Treasury bill token's asset backing, emphasizing the growing interest in blockchain-based assets.
