According to the latest data, Blackrock’s BUIDL fund on Securitize has surpassed $500 million, becoming the first tokenized money market fund to reach this milestone. This achievement coincides with the value of tokenized U.S. Treasuries reaching $1.81 billion.
Blackrock’s BUIDL Fund Reaches $500M Milestone; Tokenized Treasuries Tap $1.8B
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Half Billion Milestone for Blackrock’s BUIDL Fund
This week, Blackrock’s USD Institutional Digital Liquidity Fund, also known as BUIDL, exceeded the $500 million mark, reaching $502,811,704 by July 9, 2024. Just 65 days earlier, the fund overtook Franklin Templeton’s onchain investment vehicle, BENJI, and it took four months to reach the $500 million threshold. At that time, BUIDL had 13 holders, with Ondo Finance holding 23.68% of the token supply.
On July 9, 2024, there are now BUIDL token 17 holders, and Ondo Finance has increased its share to 34.55% of the supply. BUIDL is issued by the blockchain infrastructure and real-world asset ( RWA) tokenization firm Securitize. Only qualified purchasers can acquire the token from Securitize, requiring a minimum investment of $5 million. Among the 17 holders, the token has experienced only 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 significantly 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.
