According to ChainCatcher reports, BlackRock's dollar institutional digital 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 rwa.xyz data, BUIDL has reached a scale of $2.89 billion, representing 40% of the $7.34 billion market. Most of BUIDL's growth in 2025 is attributed to USDtb, with $1.3 billion of the 90% reserves injected into the fund. Even without Ethena's push, BUIDL achieved a remarkable 35% growth in less than three months, highlighting the strong demand for regulated high-yield cash instruments on public blockchains. Since the fund's scale reached $1 billion on March 13, it has nearly tripled, indicating a surge in market interest for RWA tokenization.

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