BlackRock’s BUIDL leads market cap growth among tokenized Treasury products

BlackRock’s tokenized Treasury fund, BUIDL, grew its market cap by $52.1 million in just 24 hours, reinforcing its position as the dominant player in a sector that barely existed two years ago. The fund, formally known as the BlackRock USD Institutional Digital Liquidity Fund, has become the benchmark product in the tokenized US Treasury market. That market now sits somewhere between $15 billion and $16 billion in total on-chain value, and BUIDL commands a significant chunk of it with a market cap typically ranging from $2.5 billion to $2.7 billion. From zero to billions in under three years BUIDL launched in March 2024 and wasted very little time finding its audience. The fund crossed $500 million in assets under management by mid-2024. By late 2025, the fund had distributed over $100 million in cumulative dividends to holders. It then continued climbing past the $2 billion mark by late 2026. The fund maintains a net asset value of roughly $1 per token, with daily yield accrual in the 3-5% APY range. The underlying assets are short-term US Treasuries and cash equivalents, packaged into a regulated vehicle that settles on-chain around the clock. Traditional Treasury products operat...