BlackRock's Tokenized Treasury Fund Surpasses $2B in Assets Under Management
The asset manager's on-chain money market fund, launched on a permissioned blockchain network, has attracted institutional capital at a pace that has outpaced every comparable tokenized fund product.
BlackRock's BUIDL fund — a tokenized money market vehicle investing in short-dated US Treasuries — has crossed the $2 billion assets-under-management threshold, according to on-chain data compiled by blockchain analytics firms. The fund, launched in March 2024 on a permissioned network, has become the benchmark product in the nascent tokenized real-world asset (RWA) category.
The milestone reflects growing institutional demand for yield-bearing, blockchain-native collateral that can be transferred peer-to-peer without the T+1 or T+2 settlement delays associated with traditional securities. Several DeFi protocols have integrated BUIDL shares as eligible collateral, enabling users to earn treasury yields while maintaining borrowing capacity.
Franklin Templeton's FOBXX and Fidelity's competing on-chain money market product have collectively added over $800 million, bringing the total tokenized treasury market to approximately $4.2 billion globally. Analysts at JPMorgan estimate the addressable market for tokenized money market instruments could reach $1 trillion by 2030 if interoperability standards are adopted across major blockchain networks.
The EU's DLT Pilot Regime, which provides a regulatory sandbox for tokenized securities trading and settlement, is drawing European issuers into the space, with two German asset managers announcing tokenized bond products in Q2 2026.