BlackRock's BUIDL surpasses $1 billion mark, becoming the ”largest on-chain Treasury tracking fund”

BlackRock’s BUIDL fund has become the largest fund tracking tokenized U.S. Treasury bonds by assets under management (AUM).
On the 13th (local time) The Block reported that BlackRock announced that it will launch its first tokenized fund.
The BlackRock USD Institutional Digital Liquidity Fund
This marks the first time that a tokenized fund issued by a traditional Wall Street financial institution has reached $1 billion.
This marks a significant milestone in the digital asset and tokenization market.
BUIDL is BlackRock's first tokenized fund, scheduled to launch in March 2024.
It is the first institutional fund issued on a public blockchain, providing eligible investors with USD-denominated income through daily on-chain dividend payments, and
It is based on a basket of maturing government bonds and is pegged 1:1 to the US dollar, making it a viable alternative to stablecoins like USDT and USDC to generate income.
Currently, the total tokenized government bond market size is approximately $4.2 billion, with BUIDL accounting for approximately 25% of the market share.