PANews reported on March 14 that in response to The Block, BlackRock’s BUIDL fund has exceeded $1 billion in belongings below management, changing into the first institutional-level on-chain fund to succeed in this milestone. BUIDL is backed by short-term authorities bonds and offers day by day returns to certified traders, much like an on-chain stablecoin.
Since its launch in March 2024, BUIDL has surpassed Franklin Templeton’s BENJI and Hashnote’s USYC to grow to be the world’s largest on-chain fund, accounting for a couple of quarter of the whole $4.2 billion on-chain treasury market. BUIDL runs on the Ethereum mainnet and has expanded to Aptos, Arbitrum, Avalanche, Optimism and Polygon, supporting cross-chain Wormhole bridging. Custodians embody Anchorage Digital, BitGo, Copper and Fireblocks, and funds are settled by Financial institution of New York Mellon. BlackRock is accelerating its Web3 format and offering institutional-grade crypto asset management companies by way of Coinbase.
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