• BlackRock's tokenized U.S. Treasury fund BUIDL has surpassed $500 million in market capitalization.
• The general marketplace for tokenized US Treasury merchandise has risen to $1.8 billion, signaling progress within the RWA sector.

BlackRock's tokenized fund, the BlackRock USD Institutional Digital Liquidity Fund, has skilled vital progress inside 4 months of launch, surpassing a market cap of $500 million, making it the primary tokenized U.S. Treasury product to succeed in such a milestone.

This growth comes in opposition to the backdrop of the expansion of tokenized funds usually, with the general tokenized U.S. Treasury market reaching $1.8 billion. With a worth of $500 million, BlackRock controls 27% of that market, with a lot of this dominance coming from different protocols corresponding to Ondo, which makes use of BUIDL to again its yield-bearing merchandise.

RWAs proceed to develop

The on-chain Treasury bond market has doubled in measurement to $1.8 billion this 12 months, in accordance with information supplier rwa.xyz, as institutional buyers hunt down U.S. Treasuries as a low-risk funding.

Nonetheless, the preferred RWA asset is tokenized personal credit score, with a complete of $12 billion in loans created by all protocols, with nearly all of it coming from protocols corresponding to Determine ($8.3 billion), Maple ($1.9 billion) and TrueFi ($1.7 billion).

A lot of the RWA market nonetheless exists on the Ethereum community.

BlackRock is in good firm

BlackRock is just not the one firm operating a tokenized fund. US-based asset administration agency Franklin Templeton is providing a tokenized US Treasury fund with a market cap of round $400 million. Hashnote additionally runs a fund with a market cap of $118.86 million. Different protocols embrace Ondo, Maple, TruFi, Superstate and OpenEden, all of which have recorded vital progress this 12 months.