BlackRock's Tokenized Asset Fund BUIDL Becomes Largest of Its Kind

According to PANews, BlackRock's tokenized asset fund, BUIDL, has become the largest fund of its kind, surpassing its competitor Franklin Templeton's similar product just six weeks after its listing. Blockchain data from rwa.xyz shows that after an inflow of $70 million last week, BUIDL now holds $375 million in deposits. Since its listing on March 21, the fund, established through the tokenization service platform Securitize, has captured nearly 30% of the market share. Meanwhile, Franklin's on-chain US Treasury Money Fund 'BENJI' saw a slight outflow of funds during the same period, reducing its asset management scale to $368 million. The change in leadership is largely due to the growth of Ondo Finance (ONDO), whose tokenized Treasury bill product OUSG uses BlackRock's token as a reserve asset and received an inflow of $50 million within a week.