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Tokenized real-world assets (RWAs) are one of the fastest-growing niches in the crypto world. RWAs allow institutional entities to bring various traditional finance (TradFi) assets to an on-chain environment. These may include commodities, equities, bonds, cash equivalents and more. According to DefiLlama, the total value locked (TVL) in RWAs already stands at $11 billion as of early April 2025, and a clear leader of this niche has emerged by now in the form of BlackRock’s tokenized money market fund, BUIDL.
Launched in March 2024 by the world’s top asset manager, BUIDL has already amassed a TVL over $2 billion as of the time of this writing (Apr 15, 2025). In this article, we’ll take a closer look at this category leader launched by BlackRock via Securitize, a major provider of RWA tokenization services.
Key Takeaways:
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) is a tokenized money market fund represented on-chain via the BUIDL yield-bearing stablecoin.
Initially launched on Ethereum (ETH), BUIDL has expanded to numerous other major chains, including Solana (SOL), Aptos (APT), Arbitrum (ARB), Avalanche (AVAX), Optimism (OP) and Polygon (POL).