BlackRock’s BUIDL Fund Grows 35% in Three Months, Reaches $2.89 Billion

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has experienced significant growth, expanding by approximately $1 billion between March 26 and June 11. This expansion represents roughly half of the $2 billion growth observed in the tokenized US treasuries market during the same period. As of June 11, BUIDL’s size stands at $2.89 billion, making it the largest tokenized money fund and accounting for 40% of the $7.34 billion market.

The March 26 benchmark is particularly noteworthy as it marks the date when Ethena Labs ceased adding fund shares to back its USDtb stablecoin. USDtb had been a significant driver of BUIDL’s growth in 2025, channeling 90% of its reserves into the fund, totaling $1.3 billion. Despite the cessation of Ethena’s contributions, BUIDL has continued to grow, with a 35% increase in less than three months. This sustained growth suggests a persistent demand for regulated, high-yield cash instruments on public blockchains.

Furthermore, BUIDL has grown nearly threefold since reaching $1 billion on March 13, achieving this milestone in just over a year. However, it took less than 90 days to triple the amount, indicating a surge in interest in real-world asset (RWA) tokenization, particularly tokenized US treasuries. The RWA market, as a whole, grew by nearly $5 billion between March 13 and June 11, with the tokenized US treasuries market representing almost half of this global growth.

In addition to its asset growth, BUIDL’s income distributions have continued to set new records. The fund paid $4.17 million in March, pushing cumulative payouts above $25 million. April dividends rose to about $7.9 million, lifting lifetime payments past $33 million. May distributions exceeded $10 million, bringing total dividends to more than $43 million since inception. This represents the third consecutive monthly record for the fund.

BlackRock’s efforts to bridge traditional capital markets with the developing digital assets ecosystem have been highlighted by ETF Store CEO Nate Geraci. The company is currently focusing on tokenized funds as part of this initiative. The sustained growth and record income distributions of BUIDL underscore the increasing interest and demand for regulated, high-yield cash instruments in the digital assets space.