8 months ago
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The BUIDL now represents over 24% of the whole tokenized US Treasuries market.
BlackRock’s tokenized fund BUIDL (BlackRock USD Institutional Digital Liquidity) has captured over $240 million in deposits since its debut a week ago, as reported by Bloomberg. Each of the funds’ shares is worth $1, and it generates daily accrued dividends to qualified investors by investing in cash, US Treasury bills, and repurchase agreements. The yield is paid in new tokens each month.
The BUIDL token is offered by Securitize Markets, an alternative trading system registered under the US Securities and Exchange Commission, and has a broker-dealer license under the Financial Industry Regulatory Authority. This makes it possible for investors to transfer the tokens to other validated addresses.
“It’s very institutional, it is managed by the largest asset manager in the world,” said Carlos Domingo, founder and CEOof Securitize, to Bloomberg. “There’s no counterparty risk to any crypto company.”
Moreover, crypto startup Ondo Finance has invested a total amount of $95 million in BlackRock’s BUIDL, Ondo’s founder Nathan Allman told Bloomberg.
According to real-world asset (RWA) data aggregator RWA.xyz, the BUIDL launch also propelled the total size of the tokenized US Treasuries to almost $1 billion, with a rise of over 35% since BlackRock’s tokenized fund came live.
This industry is dominated by the first US-registered tokenized money market fund, Franklin Templeton’s OnChain U.S. Government Money Fund. BENJI, the token representing the shares of Franklin Templeton’s fund, represents over 36% of the tokenized US Treasuries.
However, this dominance might shift soon, as BUIDL already represents 24,6% of this market within one week after its launch, and it also offers the possibility of transferring tokenized shares between fund investors.
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