BlackRock’s launched tokenized asset fund, the BUIDL, has become the largest of its kind, surpassing Franklin Templeton’s equivalent fund’s success just six weeks after its introduction.
BUIDL has a total deposit of $375 million and operates with blockchain data from rwa.xyz. Since its launch on March 21, the fund, which uses the Ethereum network, treasury bills and repo agreements, and cash, has amassed a nearly 30% market share.
The tokenized asset market remains rather broad, with US sovereign bonds on blockchains such as Ethereum, Polygon, and Solana already worth more than $1.2 billion. According to Boston Consulting Group, blockchain-based tokenization systems might be worth $16 trillion by 2030, demonstrating the potential economic impact of developing technology.
Despite this venture, Franklin Templeton’s BENJI token experienced outflows of approximately $368 million, which were smaller than the previous week. The adjustment solidifies the exchange-traded product’s market leadership, positioning it as a key pioneer and driver for the rapid mainstreaming and expansion of tokenized intellectual property.
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