BlackRock’s BUIDL nears $3B, registers 3x increase in less than 90 days

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) expanded by about $1 billion between March 26 and June 11, representing roughly half of the $2 billion growth of the tokenized US treasuries market in the period.

According to rwa.xyz data, BUIDL’s size is $2.89 billion as of June 11. It is the largest tokenized money fund, representing 40% of the $7.34 billion market.

The March 26 benchmark is significant because it’s when Ethena Labs stopped adding the fund shares to back its USDtb stablecoin. USDtb drove most of BUIDL’s growth in 2025, channeling 90% of its reserves into the fund, totaling $1.3 billion.

Consequently, the significant 35% growth in less than three months without Ethena’s boost suggests continuing demand for regulated, high-yield cash instruments on public blockchains.

Accelerated growth of tokenized treasuries

Furthermore, the fund has grown by nearly three times since it reached $1 billion on March 13, achieving this milestone in just over a year.

However, it took less than 90 days to triple the amount, suggesting a spike in interest in real-world asset (RWA) tokenization, especially tokenized US treasuries.

According to rwa.xyz’s overview, the RWA market grew by nearly $5 billion between March 13 and June 11. The tokenized US treasuries market represented almost half of the global RWA market growth.

As shared on June 12 by ETF Store CEO Nate Geraci, BlackRock recently published its effort to bridge the traditional capital markets “with the developing digital assets ecosystem,” currently focusing on tokenized funds.

Dividend streak reaches a third monthly record

Alongside asset growth, BUIDL’s income distributions continued to set new highs. The fund paid $4.17 million in March, pushing cumulative payouts above $25 million.

April dividends rose to about $7.9 million, lifting lifetime payments past $33 million, according to issuer posts.

May distributions exceeded $10 million, bringing total dividends to more than $43 million since inception. This represented the third consecutive monthly record.

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