TLDR
- The market value of tokenized treasuries grew from $719 million to $1.44 billion in 2024, with BlackRock’s BUIDL fund being the largest tokenized treasury fund with a market cap of $454 million.
- BUIDL paid out $1.7 million in monthly dividends to its holders on Ethereum, a 38% increase from the previous month.
- Ondo Finance’s wallet received the largest portion (42%) of BUIDL’s monthly dividend payout.
- BlackRock’s spot Bitcoin ETF, IBIT, also performed well, with outstanding net inflows and a market cap of $61.45 billion.
- BlackRock’s involvement in tokenized treasuries and crypto ecosystem highlights the increasing institutional participation in the crypto space.
The crypto industry has witnessed a significant milestone in 2024, with the market value of tokenized treasuries surging from $719 million to $1.44 billion.
Tokenized treasuries are digital representations of U.S. government bonds that operate as tokens on the blockchain.
Leading this growth is BlackRock’s tokenized fund, BlackRock USD Institutional Digital Liquidity (BUIDL), which has emerged as the top player in the tokenized treasuries market.
As of June 4, 2024, BUIDL had a market cap of $454,090,665, making it the largest tokenized treasury fund.
Today, the @BlackRock USD Institutional Digital Liquidity Fund (BUIDL) paid out $1.7 million in monthly dividends to holders on the @ethereum blockchain.
BUIDL is the largest tokenized fund, providing US dollar yields to holders.https://t.co/J41qDJnwvB
Securitize is proud to… pic.twitter.com/PomFcRSEL4
— Securitize (@Securitize) June 3, 2024
BUIDL’s success is further evident in its recent monthly dividend payout to its holders on the Ethereum blockchain. On June 4, BUIDL paid out nearly $1.7 million in dividends, a substantial 38% increase from the $1.2 million paid out in the previous month.
The payout was facilitated through a single transaction on the Ethereum network, incurring a network fee of just over 0.034 ETH, worth approximately $131.55.
The dividend was distributed among 11 wallet addresses, with each address receiving an average of 151,735 BUIDL tokens.
Notably, Ondo Finance’s crypto wallet, labeled on Etherscan as “OUSD Instant Manager,” received the largest portion, obtaining 700,280 BUIDL tokens, which accounts for roughly 42% of the total dividend pot this month.
Ondo Finance, a tokenized real-world asset (RWA) platform, currently holds 49,999,999 BUIDL tokens, making it the fourth-largest holder of the fund.
According to Jamie Finn, co-founder and president of Securitize, the tokenization platform and transfer agent for BlackRock’s BUIDL fund,
“BUIDL is a foundational asset in the development of a variety of new financial products as we have seen Ondo and others who leverage BUIDL as the underpinning of their core product.”
Finn further stated that tokenization is currently in a “massive growth phase” with numerous new RWAs coming to market.
In addition to its tokenized treasuries, BlackRock has also been making waves in the crypto space with its spot Bitcoin ETF, IBIT.
According to rwa xyz, the market value of tokenized treasury bonds has increased from $719 million to $1.44 billion since the beginning of this year, including BUIDL, FOBXX, OUSG, USDY and USTB. BlackRock's tokenized fund BUIDL, which was issued at the end of March this year, has…
— Wu Blockchain (@WuBlockchain) June 4, 2024
Since its approval, IBIT has maintained outstanding performance, with a market cap of $61.45 billion and assets under management (AUM) of $54.31 billion as of the time of writing.
IBIT has also experienced impressive net inflows, reaching an all-time high of $862.12 million on March 5, 2024, and recording an inflow of over $3.07 million on May 31, indicating increased investor trust and investment in the fund.
BlackRock’s involvement in both tokenized treasuries and crypto ETFs highlights the growing institutional presence and participation in the crypto ecosystem.
As one of the world’s largest asset management firms, BlackRock’s activities onchain and in governance forums demonstrate how institutional interest in crypto has evolved from mere curiosity to active engagement and investment.
