BlackRock’s tokenized fund surpasses $500 million in market value

The BlackRock USD Institutional Digital Liquidity (BUIDL) fund has surpassed $500 million in market value, unseating Franklin Templeton’s blockchain-based mutual fund.  

The U.S. Treasurys-backed tokenized fund, launched on the Ethereum network in March, held $502.8 million in BUIDL tokens at the time of publication, data from Etherscan shows. That makes BUIDL the highest-valued tokenized treasury fund in the world, according to its issuer, Securitize Markets. 

“We’re very excited about the adoption and growth we’ve seen as we continue pushing BUIDL to be a foundational layer for institutional crypto yields,” Securitize CEO Carlos Domingo told The Block in an emailed statement. 

BlackRock’s current market value is roughly $100 million higher than that of the second-largest tokenized fund, Franklin OnChain U.S. Government Money Fund, according to recent data published by its issuer. Meanwhile, Ondo Finance’s USD Yield fund (USDY) holds roughly $281 million worth of tokenized assets.

BUIDL’s record-setting growth comes on the heels of the fund’s adoption by some crypto industry players in recent months. Earlier this year, DeFi protocols such as Mountain and Ondo leveraged BUIDL for their derivative products. Last week, Hidden Road joined FalconX in agreeing to accept BUIDL as collateral across its network.