BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has grown by approximately $1 billion between March 26 and June 11, underscoring robust demand for tokenized U.S. Treasury instruments even after the exit of one of its biggest early contributors.
According to data, BUIDL’s total size has reached $2.89 billion, making it the largest tokenized money market fund in the ecosystem. The fund now accounts for 40% of the $7.34 billion tokenized U.S. Treasury market, far ahead of other on-chain competitors.
Ethena Labs Pause Didn’t Halt Growth
March 26 marked a key turning point for the fund, as Ethena Labs stopped using BUIDL shares to back its USDtb stablecoin, which had previously funneled 90% of its reserves—around $1.3 billion—into the fund. Despite this, BUIDL expanded by another $1 billion, suggesting that institutional appetite for regulated, yield-generating cash equivalents remains strong.
Ethena was largely responsible for BUIDL’s initial growth trajectory in 2025, but the recent momentum illustrates a broader market trend: the increasing appeal of regulated, tokenized treasuries for investors seeking on-chain exposure to traditional financial products.
Institutional On-Chain Liquidity Takes Shape
BUIDL’s continued expansion signals a rising comfort among financial institutions with blockchain-based financial infrastructure. The fund enables real-time settlement, transparency, and programmable access to short-term U.S. Treasuries—all features aligned with the emerging demand for real-world assets (RWA) on public blockchains.
With nearly 35% growth in under three months, BUIDL’s surge highlights the growing overlap between TradFi and DeFi, as tokenized liquidity products continue to gain ground in both efficiency and adoption.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/blackrocks-buidl-fund-adds-1b-in-under-3-months/