Crypto Brief: Blackrock’s BUIDL Hits $2.8B, Reclaims Treasury Crown

Across major exchanges, blackrock’s BUIDL fund has climbed back to roughly $2.8 billion in assets, reclaiming its spot as the largest tokenized U.S.

Treasury product after briefly ceding the title to Circle’s USYC earlier this year.

The largest tokenized Treasury fund in the world changed hands twice in six months, and Blackrock just won it back.

BUIDL, formally the USD Institutional Digital Liquidity Fund, has grown to approximately $2.8 billion in assets under management, putting it back ahead of Circle’s USYC as the single largest product in the category.

The lead is not a blowout by any stretch of the imagination given that BUIDL’s $2.8 billion works out to about 18.5% of the entire $15.1 billion tokenized Treasury market, meaning the rest of that market, USYC included, is splitting the remaining 81.5% between them.

BUIDL launched in March 2024 as Blackrock’s first tokenized fund, built and administered by Securitize, which now handles asset servicing across eight blockchains including Ethereum, Solana, Aptos and BNB Chain.

Each token targets a stable $1 net asset value and accrues yield daily through a rebase mechanism, effectively turning a money-market fund into something that trades and settles like a crypto asset around the clock.

The fund’s underlying holdings, cash, short-term U.S.