BlackRock’s BUIDL fund now manages about $2.8 billion, representing roughly 18.5% of the $15.1 billion tokenized U.S. Treasury market.

Industry infrastructure around BUIDL is expanding with round-the-clock atomic swaps and broader trading access through partnerships with Ethena, Securitize, and Uniswap Labs to strengthen on‑ramp and deter rivals.

BUIDL briefly ceded the top spot to Circle’s USYC in March 2026 but reclaimed it by late summer, returning to the lead position.

Securitize administers asset servicing for BUIDL across eight blockchains—Ethereum, Solana, Aptos, BNB Chain—targeting a $1 net asset value and daily yield accrual via a rebase mechanism.

Securitize reported record first-quarter 2026 revenue driven by asset‑servicing fees tied to BlackRock’s fund and its NYSE listing, underscoring the commercial upside of the BUIDL relationship.

Moody’s assigned BUIDL a top AAA-mf rating earlier this year, reflecting its conservative holdings of cash, short-term Treasuries, and repurchase agreements.

Tokenized Treasuries wrap traditional government debt in blockchain infrastructure, attracting institutional investors seeking yield with reduced crypto price volatility.

BUIDL launched in March 2024 as BlackRock’s first tokenized fund, aiming to offer a money-market‑like instrument that trades and settles around the clock.

The broader tokenized Treasury market is growing, with entrants like Franklin Templeton and Ondo Finance expanding competition as market value moves toward $15–$20 billion.