BlackRock is intensifying its efforts in the tokenization of traditional assets. Their BUIDL fund, based on tokenized U.S. Treasury bonds, has reached nearly $1.5 billion in assets under management – an increase of about 129% over the last 30 days.
Since its launch on the Securitize platform in March 2024, the fund has quickly gained the trust of investors, with over 86% of the issuance operating on Ethereum, while the remainder is distributed among other chains such as Avalanche, Aptos, and Layer-2 solutions like Polygon and Arbitrum.
Fidelity is also entering the tokenization space – the company has filed an application with the U.S. SEC to launch a blockchain-based class of shares in its money market fund based on Treasury bonds. This initiative, called 'OnChain', aims to use Ethereum as a public blockchain and may expand to other networks in the future.