BlackRock’s BUIDL Fund Transfers Over $3.35M USDC Amid Increased Activity

• BlackRock’s BUIDL Fund moved $3.35 million in USDC to multiple addresses.
• Ondo Finance received a notable 1.102M USDC transfer.
• Injective launched a tokenized index for the BUIDL Fund, offering on-chain access to U.S. Treasuries with leverage.

BlackRock’s BUIDL Fund continued its growing involvement in the cryptocurrency space, most recently transferring $3.35 million USDC to multiple addresses, including Ondo Finance, as reported by Arkham data. This move builds on BlackRock’s growing activity  in decentralized finance (DeFi), notably its push into real-world asset (RWA) tokenization earlier this year. 

The BUIDL Fund’s recent transactions include a $1.102 million USDC transfer to Ondo Finance, a platform specializing in tokenized financial services. Soon after, another $2.25 million USDC went to a newly identified address.

These transfers are the latest in a series of significant fund movements over the past few weeks, indicating BlackRock’s increasing commitment to DeFi.

Strategic Positioning and Tokenized Finance

While the exact purpose of these transfers is not yet public, they point to BlackRock’s strategic positioning within the decentralized finance ecosystem. Ondo Finance has become a notable recipient of the fund’s transfers, highlighting its growing importance in the tokenized finance sector.

Adding to these developments, Injective has rolled out a tokenized index for the BUIDL Fund, furthering BlackRock’s DeFi ambitions. This new product allows users to access U.S. Treasuries with leverage directly on-chain and strengthens BlackRock’s role in connecting traditional finance and DeFi.

Beyond its USDC transfers, BlackRock’s foray into cryptocurrency continues to draw attention, particularly with its spot Bitcoin ETF. Reports showed that the ETF has received a large allocation of BTC from Coinbase Prime.

BlackRock has also updated its custodial agreement with Coinbase, adding a 12-hour withdrawal window for its Bitcoin ETF. This change aims to streamline transaction processing for cryptocurrency ETFs.

Moreover, BlackRock runs its own blockchain node to validate its BTC balances, providing transparency for its clients. This allows BlackRock to confirm daily that the Bitcoin held in its ETF is real and not simply “paper BTC.”