Expanded Access to Multiple Blockchain Networks via BlackRock's BUIDL Fund Enlargement
In a significant move, BlackRock's BUIDL fund, a leading player in the tokenized money market, has expanded its presence to six blockchains: Aptos, Arbitrum, Avalanche, Optimism's OP Mainnet, Polygon, and the original Ethereum blockchain. This expansion has fueled a surge in tokenized U.S. Treasuries and institutional money market products, propelling BUIDL towards $3 billion in assets under management, a threefold growth in less than 90 days.
The growth of BUIDL was particularly accelerated after March 26, 2025, when Ethena Labs stopped adding shares to back its USDtb stablecoin, yet USDtb still directed 90% of its reserves (around $1.3 billion) into the fund. This demonstrates the enduring demand for regulated, high-yield cash instruments on public blockchains.
The liquidity of the BUIDL fund also improved as it became the first tokenized U.S. Treasury fund accepted as collateral on major crypto exchanges like Crypto.com and Deribit, further integrating it into crypto market infrastructure and enhancing capital efficiency and risk management capabilities.
While BlackRock's BUIDL shows a strong market presence, Franklin Templeton's tokenized fund FOBXX (often referenced under its token BENJI) also exhibits significant growth. Both funds lead the market in terms of scale and have seen growth rates approximately double that of others in the tokenized treasury products space, which overall has surged by 80% year-to-date, reaching about $7.4 billion.
Carlos Domingo, CEO and co-founder of Securitize, the real-world asset tokenisation platform through which BUIDL was issued, commented on BlackRock's announcement, stating, "Real-world asset tokenization is scaling, and we're excited to have Aptos, Base, Avalanche, Arbitrum, Polygon, and Base added to increase the potential of the BUIDL ecosystem." He further added that with these new blockchains, more investors will start to leverage the underlying technology to increase efficiencies on tasks that were previously hard to do.
Franklin Templeton also expanded its tokenized money market fund to six blockchains last month, including Aptos and Base. The fund, FOBXX, is valued at $403 million, and this expansion allows ecosystem application users across these blockchains to interact natively with the BUIDL fund.
As of writing, BlackRock's BUIDL is valued at $510 million, surpassing Franklin Templeton's FOBXX to become the biggest tokenised fund. The expansion of these funds to multiple blockchains underscores the growing sophistication and institutionalization of tokenized funds relative to traditional stablecoins, underpinning a broader shift toward digital, regulated yield instruments on multiple blockchain platforms.
- In light of the expansion, investors might find opportunities to diversify their portfolios by investing in tokenized U.S. Treasuries and other money market products available on the BUIDL fund, which operates on multiple blockchains such as Aptos, Arbitrum, Avalanche, Optimism's OP Mainnet, Polygon, and Ethereum.
- With the surge in tokenized treasury products, such as those managed by funds like BUIDL and FOBXX, there is growing interest among finance professionals in the intersection of technology, finance, and investing, particularly in exploring the potential benefits and efficiencies offered by tokenized assets on various blockchain platforms.
