BlackRock's BUIDL Crosses $4 Billion as Tokenized Treasuries Gain Traction
The flagship tokenized money market fund continues to set the institutional benchmark, with adoption now extending to dozens of crypto-native treasuries.
BlackRock's USD Institutional Digital Liquidity Fund, ticker BUIDL, crossed $4.1 billion in assets under management this week, retaining its position as the largest single tokenized treasury product in market.
Total tokenized U.S. Treasury assets across all issuers have now crossed $11 billion, a near-doubling year-to-date and a milestone that brings the segment within sight of materiality relative to conventional money-market peers.
Franklin Templeton's BENJI, Ondo Finance's USDY and Hashnote's USYC together account for the bulk of the remaining issuance, with each pursuing slightly differentiated distribution strategies.
Use cases are extending beyond crypto-native treasury management. Several non-bank market makers and prime brokers are now using tokenized treasuries as accepted collateral, a development that meaningfully improves the capital efficiency of the underlying business.
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