BUIDL, BlackRock's Tokenised Treasury Product, Reaches US$500M (AU$739M) Milestone in Market Capitalisation

BUIDL currently holds US$502.8M (AU$745.48M) in tokenised treasuries. The product, pegged 1:1 with the US Dollar, has experienced widespread adoption in digital asset brokers and DeFi protocols.

BlackRock’s tokenised treasury product, BUIDL, has surpassed a significant milestone with over US$500 million (AU$739 million) in market capitalisation, as indicated by Etherscan data.

The product, which is pegged 1:1 to the US Dollar, has seen widespread adoption among digital asset brokers and DeFi protocols. For instance, in March, FalconX integrated BUIDL as trading collateral on its platform.

Shortly after, Ondo Finance, an RWA network on Ethereum and Solana, allocated approximately US$100 million (AU$148 million) in assets to BUILL. This move was made to expedite the settlement time of the platform’s treasury-backed token OUSG.

According to CoinGecko data, Ondo Finance is the largest RWA protocol with a market capitalisation of over US$1 billion (AU$1.48 billion). The platform is focused on providing institutional-grade products and services, including tokenised treasuries.

The Demand for Tokenised Treasuries

Among tokenised RWAs, US Treasuries are the most popular. While it may initially appear complex, tokenisation is the process of transforming a real-life asset, whether tangible (e.g., physical property) or intangible (e.g., intellectual property), into a digital token that is recorded and stored on a blockchain network.

Moreover, tokenising assets on the blockchain opens up new use cases and applications for both investors and companies. Some of the benefits include increased liquidity for trading platforms, transparency and immutability due to the blockchain, fractional ownership, and more.

Data from RWA.xyz showcases the impressive surge in tokenised treasuries.

As of January 1, the total value locked (TVL) in tokenised treasuries stood at US$776.1 million (AU$1.14 billion). At the time of writing, the TVL has reached US$1.78 billion (AU$2.63 billion), indicating an increase of 130.3%.

The tokenisation of US treasuries holds particular appeal for investors and institutions, as it enables them to reap the benefits of the traditional financial market, including stability, while simultaneously enjoying the 24/7 accessibility and transparency offered by blockchain technology.

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