BlackRock's BUIDL Tokenized Asset Fund Gains $245 Million in Deposits in First Week, Ranks Second in Tokenized U.S. Treasury Market

BlackRock's BUIDL tokenized asset fund has had a strong start, attracting $245 million in deposits within a week of its launch. This has propelled the fund into second place among its peers, with only Franklin Templeton's Franklin OnChain U.S. Government Money Fund ahead of it. The tokenized U.S. Treasury market has grown nine-fold over the past year, with U.S. Treasuries being seen as a low-risk instrument for investors to earn a stable yield without leaving the blockchain ecosystem. BlackRock's BUIDL token represents investment in a fund that holds U.S. Treasury bills and repo agreements, and is aimed at large institutional investors.