tl;dr
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has nearly reached $3 billion, tripling in size in less than 90 days. Between March 26 and June 11, the fund grew by about $1 billion, accounting for half of the $2 billion growth in the tokenized US treasuries market, now representing 40%...
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has experienced remarkable growth, nearly tripling to $2.89 billion in under 90 days. This expansion represents 40% of the $7.34 billion tokenized US treasuries market, underscoring BlackRock’s leading position in real-world asset (RWA) tokenization. Between March 26 and June 11, BUIDL grew by about $1 billion, accounting for roughly half of the $2 billion growth in the tokenized US treasuries sector during that period.
The surge in BUIDL’s size occurred despite Ethena Labs discontinuing use of fund shares to back its USDtb stablecoin in late March, which had driven most of BUIDL’s growth in 2025 by channeling 90% of USDtb’s $1.3 billion reserves into the fund. The 35% growth without Ethena’s backing indicates strong market demand for regulated, high-yield cash instruments available on public blockchains, as well as increased interest in tokenized US treasuries.
Since reaching a $1 billion milestone on March 13, BUIDL has accelerated rapidly, tripling its assets in less than three months. This reflects a broader trend of real-world asset tokenization gaining momentum and signals BlackRock’s significant role in bridging traditional capital markets with digital asset ecosystems.
The overall RWA market grew by nearly $5 billion between mid-March and mid-June, with tokenized US treasuries comprising nearly half of this growth. BlackRock’s efforts illustrate a strategic focus on tokenized funds to integrate conventional finance with blockchain-based assets.
In addition to asset growth, BUIDL’s dividend distributions have set new records for three consecutive months. Total payouts have exceeded $43 million since inception, with monthly dividends rising from $4.17 million in March to about $7.9 million in April, and surpassing $10 million in May. This consistent income growth highlights the fund’s increasing attractiveness as a high-yield digital instrument.