BlackRock’s BUIDL Reaches a $375M Market Cap

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The BlackRock USD Institutional Digital Liquidity Fund, known by the ticker BUIDL, has become the largest treasury fund tokenized on a blockchain, surpassing Franklin Templeton’s product, BENJI.

According to a Dune Analytics dashboard, BUIDL has reached a market cap of $375 million in just six weeks, while BENJI’s market cap sits at $368 million after a year.

In the last week alone, BUIDL saw an influx of $70 million, with $50 million coming from the OUSG token by Ondo Finance, a company specializing in tokenizing real-world assets.

BENJI, on the other hand, has seen a drop of about 3.7% in assets under management (AUM) during the same period. Across various blockchains, there is now more than $1.2 billion worth of US Treasuries tokenized, including on Ethereum, Polygon, and Solana.

With BlackRock CEO Larry Fink recently stating that capital markets could become more efficient through blockchain technology, tokenizing real-world assets has become a popular topic.