BlackRock $1.9B BUIDL fund’s 183% growth puts it behind just four stablecoins in tokenized dollar assets

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has reached $1.92 billion in assets under management less than a month after breaking $1 billion.

The explosive growth places it ahead of all but four stablecoins among tokenized RWAs, according to data from rwa.xyz.

BlackRock BUIDL fund assets (Source: rwa.xyz)

The fund, launched in March 2024 and administered via the Securitize protocol, invests in U.S. Treasuries and operates under a Reg D exemption.

It has recorded a 183.97% increase in market cap over the past 30 days, driven by institutional flows and increasing adoption of tokenized money market strategies.

BUIDL now ranks sixth among dollar-linked digital assets by market capitalization, just behind First Digital USD and ahead of assets such as Ethena’s USDtb, Tether Gold (XAUT), and USDD.

With a $1 net asset value and 4.5% annual yield, BUIDL functions like traditional money market funds while leveraging blockchain rails for programmable liquidity.

The fund spans Ethereum, Avalanche, Polygon, Arbitrum, Optimism, and Aptos, with over 90% of its supply on Ethereum.

Among tokenized U.S. Treasury RWA funds, BUIDL is the largest by a significant margin, nearly tripling the size of Franklin Templeton’s BENJI and Paxos Gold (PAXG). Only Tether’s USDT, Circle’s USDC, MakerDAO’s USDS, and Binance-Peg USD maintain larger market caps in the broader digital dollar category.

Tokenized U.S. Treasuries (Source: rwa.xyz)

Institutional demand for regulated, yield-generating instruments on-chain appears to be accelerating, positioning BUIDL as a benchmark for treasury-backed RWAs integrated into public blockchain ecosystems.

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