The USD Institutional Digital Liquidity Fund (BUIDL) has amassed $1.92 billion in assets under management in under a month after surpassing the $1 billion milestone.
This rapid expansion places it ahead of all but four stablecoins within the realm of tokenized real-world assets (RWAs), as per available data.
Initiated in March 2024 and managed through the Securitize protocol, this fund primarily invests in U.S. Treasuries and operates under a Reg D exemption.
Over the last 30 days, it has experienced a staggering 183.97% surge in market capitalization, fueled by institutional investments and a growing acceptance of tokenized money market strategies.
BUIDL currently holds the sixth position among dollar-pegged digital assets regarding market cap, trailing only First Digital USD and surpassing other assets like Ethena’s USDtb, Tether Gold (XAUT), and USDD.
The fund encompasses various networks, including Ethereum, Avalanche, Polygon, Arbitrum, Optimism, and Aptos, with over 90% of its supply existing on Ethereum.
As the largest tokenized U.S. Treasury RWA fund by a considerable margin, BUIDL nearly triples the size of Franklin Templeton’s BENJI and Paxos Gold (PAXG). Only Tether’s USDT, Circle’s USDC, MakerDAO’s USDS, and Binance-Peg USD have larger market capitalizations within the wider digital dollar space.
There appears to be an increasing institutional interest in regulated, yield-generating products available on-chain, positioning BUIDL as a key reference point for treasury-backed RWAs integrated within public blockchain ecosystems.