Arkham Intelligence reports that on March 25, Ethena Labs added $225M worth of BlackRock BUIDL tokens.
Ethena currently has $1.29 billion in BUIDL tokens after this mint. Ethena’s market share in the growing tokenized U.S. Treasuries market has increased due to this valuation. The core of Ethena’s strategy is USDtb, its yield-generating synthetic dollar.
USDtb preserves on-chain accessibility while giving investors exposure to Treasury yields. According to information from the platform’s website, the token is backed by $1.4 billion in assets, 90% of which are BUIDL tokens, Tether, and USD Coin.
Ethena Labs Now Holds $1.29B Of Blackrock BUIDL Tokens
RWA.xyz data shows that the tokenized U.S. Treasuries market has grown to a $5.2 billion market with an average yield of 4.34%. With blockchain technology increasing market efficiency and settlement speeds, the industry has drawn in more institutional players.
Launched in March 2024 in collaboration with Securitize, BUIDL is a tokenized money market fund officially known as the BlackRock USD Institutional Digital Liquidity Fund. Investing in cash, Treasury bills, and repurchase agreements offers yields in U.S. dollars.
With over $1.9 billion in assets under management and a 37% market share in the tokenized U.S. Treasuries market, BUIDL has expanded quickly. Its growth has surpassed that of competitors such as Hashnote’s Short Duration Yield Coin ($751 million) and Franklin Templeton’s On-Chain U.S. Government Money Fund ($692 million).
BUIDL Expands On Solana
BUIDL’s expansion to Solana, which will make it accessible on seven blockchains, including Ethereum, Aptos, and Arbitrum (ARB), was announced by BlackRock and Securitize on March 25. Additionally, BUIDL is emerging as a crucial backup resource for DeFi apps such as Sky (formerly MakerDAO).
In the meantime, Fidelity Investments is preparing to introduce its stablecoin and a tokenized U.S. money market fund. These advancements show increasing interest in combining blockchain-based assets with conventional finance.
