BlackRock's tokenized U.S. Treasury fund (BUIDL) crossed $2 billion in assets under management this week, making it the largest tokenized real-world asset product by a significant margin. The fund, which runs on Ethereum and is distributed through Securitize, has grown 5x since its March 2025 launch.
BUIDL allows institutional investors to hold U.S. Treasury exposure as an ERC-20 token, earning yield while maintaining 24/7 liquidity and composability with DeFi protocols. The fund invests exclusively in short-duration Treasury bills and reverse repos.