BlackRock's USD Institutional Digital Liquidity Fund, marketed as BUIDL and issued in partnership with Securitize, crossed $5 billion in assets under management in July 2026, according to on-chain data confirmed by the issuer.
BUIDL invests exclusively in cash, US Treasury bills and repo agreements, and pays daily accrued dividends on-chain. It is now available across Ethereum, Aptos, Arbitrum, Avalanche, Optimism and Polygon, and is widely used as collateral by crypto-native trading firms and DeFi protocols.
The tokenised Treasury sector matures
The wider tokenised US Treasury market has roughly doubled year-on-year, with Franklin Templeton's FOBXX, Ondo's OUSG and USDY, and Superstate's USTB competing alongside BUIDL. For institutional buyers, the appeal is a familiar credit profile packaged with the settlement finality and composability of public chains.
Concentration is the story
One fund holding a dominant share of a nascent market sets the standards everyone else must match, from redemption windows to eligible chains. That accelerates adoption and centralises it at the same time.
Competitors closing the gap would be the healthiest development for the sector. Right now the tokenised treasury market is largely one product's risk profile wearing several tickers.
