BlackRock's BUIDL (BlackRock USD Institutional Digital Liquidity Fund), a tokenised US Treasury fund built on the Ethereum blockchain, surpassed $1 billion in assets under management in March 2026. The milestone makes BUIDL the largest tokenised real-world asset (RWA) fund globally and represents a significant validation of blockchain technology by the world's largest asset manager, which oversees approximately $11.5 trillion in total assets.
What BUIDL Does
BUIDL issues tokens on Ethereum that represent shares in a fund holding short-term US Treasury bills. Each token is worth $1, and holders earn daily yield from the underlying Treasury holdings (approximately 4.5% annually at current rates). Unlike stablecoins such as USDT, BUIDL is a regulated securities product available only to qualified investors, with a minimum investment of $5 million.
The fund settles transactions on-chain in near-real-time, compared to the traditional T+1 or T+2 settlement cycle. This efficiency is particularly attractive to institutional investors, DeFi protocols, and crypto-native treasuries that need yield on idle cash without leaving the blockchain ecosystem.
Larry Fink's Tokenisation Vision
BlackRock CEO Larry Fink has described tokenisation as "the next generation for markets." In his 2025 annual letter to shareholders, Fink compared the tokenisation of financial assets to the transition from physical stock certificates to electronic book-entry. He argued that eventually, "every asset class, from bonds to equities to real estate" will be represented as tokens on a blockchain.
BlackRock has also been a driving force behind the Bitcoin ETF (IBIT), which held approximately $55 billion in assets by March 2026, making it the most successful ETF launch in history by asset gathering speed.
The RWA Market
The total value of tokenised real-world assets (excluding stablecoins) reached approximately $12 billion by March 2026, up from $3 billion a year earlier. Other participants include Franklin Templeton (BENJI fund on Stellar), Ondo Finance (tokenised Treasuries), and Securitize (which built the technology behind BUIDL).
For BlackRock investor updates, visit BlackRock IR. For RWA market data, see RWA.xyz.