According to ChainCatcher, BlackRock's dollar-denominated institutional liquidity fund BUIDL expanded by approximately $1 billion between March 26 and June 11, accounting for half of the growth in the tokenized U.S. Treasury market during the same period. As of now, according to data from rwa.xyz, BUIDL has a scale of $2.89 billion, representing 40% of a $7.34 billion market. Most of BUIDL's growth in 2025 is attributed to USDtb, with a total of $1.3 billion in reserves injected into the fund, accounting for 90%. Even without the push from Ethena, BUIDL achieved a significant 35% growth in less than three months, highlighting strong demand for regulated high-yield cash instruments on public blockchains. Since the fund reached $1 billion in scale on March 13, its size has nearly tripled, indicating a surge in market interest for RWA tokenization.

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