According to CoinDesk, the first tokenized asset fund launched by BlackRock, a large asset management company, has had a strong start and gained a significant market share in the blockchain-based tokenized US Treasury market within a week of its debut.
Blockchain data shows that as of Wednesday (27th), BlackRock’s tokenized fund, the “BlackRock USD Institutional Digital Liquidity Fund” (BUIDL), has attracted $245 million in deposits. The fund has surged to the second place in market share among similar products, second only to Franklin Templeton’s “Franklin OnChain U.S. Government Money Fund” (FOBXX), which has deposits of $360 million according to rwa.xyz.
Tom Wan, an analyst at digital asset management company 21Shares, said that with the growth of BUIDL, we may soon witness a tokenized US Treasury market worth $1 billion.
The BUIDL token issued by BlackRock in collaboration with asset tokenization platform Securitize on the Ethereum blockchain represents an investment in funds holding US Treasury bills and repurchase agreements. Its price is anchored at $1, and holders can receive income generated from the underlying assets in the form of new tokens. This product is mainly targeted at large institutional investors.
In related news, the real-world asset (RWA) tokenization platform Ondo Finance has reportedly transferred $95 million to BUIDL, moving its own sovereign bond token asset backing from a less ideal short-term government bond ETF to a blockchain-based fund, enabling real-time settlement and 24/7 subscription and redemption.
Related articles: “BlackRock Launches First Tokenized Fund ‘BUIDL’ on Ethereum! Provides Stable Value and Monthly Distribution” and “Report: BlackRock’s Launch of ‘Tokenized Fund’ Brings Legitimacy to Ethereum” and “US Bank Report: Tokenization of Real-World Assets is a Key Driver for Digital Asset Adoption”.
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