BlackRock’s dollar institutional Digital Liquidity Fund (BUIDL) has tripled in size in less than 90 days and is now close to $3 billion.
According to rwa.xyz, as of June 11th, BUIDL’s scale was $2.89 billion, making it the largest tokenized money fund, accounting for 40% of the $7.34 billion market. From March 26 to June 11, the fund increased by approximately 1 billion US dollars, accounting for about half of the 2 billion US dollars increase in the tokenized US Treasury bond market during the same period. This growth is particularly significant because since March 26th, Ethena Labs has stopped increasing the fund share for its USD TB stablecoin. Previously, USD TB had invested 90% of its reserves (totaling $1.3 billion) in BUIDL, driving most of its growth in 2025.
Since BUIDL reached a $1 billion scale on March 13th, it has achieved nearly threefold growth in just over a year. This time, it has accomplished the same growth rate in less than 90 days, indicating a surge in market interest in the tokenization of real assets (RWA), especially tokenized US Treasury bonds. According to data from RWA.xyz, the RWA market grew by nearly 5 billion US dollars from March 13th to June 11th, among which the tokenized US Treasury bond market accounted for approximately half of the global RWA market growth.
In addition to asset growth, BUIDL’s income distribution has also repeatedly reached new highs. The fund paid a dividend of 4.17 million US dollars in March, bringing the cumulative dividend to over 25 million US dollars. The April dividend increased to approximately 7.9 million US dollars, bringing the total dividend to over 33 million US dollars. The dividend in May exceeded 10 million US dollars, and the total dividend since its establishment has exceeded 43 million US dollars, setting a monthly record for three consecutive months.
Blackrock recently announced plans to connect traditional capital markets with emerging digital asset ecosystems, currently focusing on tokenized funds. The rapid growth of BUIDL reflects the market’s continuous demand for regulated high-yield cash instruments on public blockchains and also demonstrates BlackRock’s proactive exploration in promoting the integration of traditional finance and blockchain.
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