BlackRock’s BUIDL fund breaks through the magic $500 million barrier, setting a new standard

In a notable development, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has surpassed the $500 million market cap milestone, making BUIDL the first tokenised fund to achieve this impressive feat, according to data from Dune Analytics. This growth underscores the growing interest in real-world assets within the crypto space.

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Ondo Finance increases stake in BUIDL

Out data from Etherscan reveals that the recent milestone is partly due to Ondo Finance, which has been increasing its position in BUIDL. As of July 8, BUIDL had already attracted approximately $502 million in deposits. Ondo’s OUSG is currently the largest holder with $173.7 million, followed by Mountain Protocol, which uses BUIDL to back its USDM stablecoin.

BUIDL dominates tokenised government bond market

BlackRock’s BUIDL remains the leading player in the tokenised government bond market. The fund, which launched at the end of March this year, outperformed Franklin’s FOBXX within six weeks, becoming the largest tokenised treasury fund in the world. For comparison, Franklin Templeton’s Franklin OnChain US Government Money Fund, represented by the BENJI token, has attracted approximately $402 million in deposits to date.

Ethereum leads growing market for tokenised treasury funds

The total tokenised treasury fund market has now reached $1.67 billion, with Ethereum leading the way. This growth fits within a broader trend of increasing popularity of tokens tied to real-world assets (RWA). According to data aggregator Artemis, RWA tokens outperformed other sectors of the crypto market by almost 28% on average in the second quarter.

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