According to PANews, BlackRock's U.S. Dollar Institutional Digital Liquidity Fund (BUIDL) expanded by approximately $1 billion between March 26 and June 11, 2025, accounting for half of the $2 billion growth in the tokenized U.S. Treasury market during the same period. Data from rwa.xyz indicates that BUIDL's current size has reached $2.89 billion, making it the largest tokenized money market fund, representing 40% of the $7.34 billion market.
March 26 marked a significant date as Ethena Labs ceased increasing its stablecoin USDtb fund shares. The majority of BUIDL's growth in 2025 was driven by USDtb, with 90% of its reserves, totaling $1.3 billion, injected into the fund. Despite the absence of Ethena's influence, BUIDL achieved a notable 35% growth in less than three months, highlighting the strong demand for regulated high-yield cash instruments on public blockchains.
Since reaching $1 billion on March 13, the fund's size has nearly tripled in under 90 days, reflecting a surge in interest in the tokenization of real-world assets (RWA), particularly tokenized U.S. Treasuries.