BlackRock’s BUIDL Fund Adds $1B in Under 3 Months

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.

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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.

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