BlackRock's BUIDL fund has become the largest in the tokenized asset market, moving ahead of Franklin Templeton's similar fund in just six weeks since its launch. The fund now holds a total of $375 million in deposits, operating on blockchain technology provided by rwa.xyz. Utilizing the Ethereum network, treasury bills, repo agreements, and cash, the BUIDL fund holds nearly 30% share of the market since its introduction on March 21.

However, Franklin Templeton's BENJI token saw significant outflows, amounting to approximately $368 million less than what was recorded in the previous week. This shift has solidified the market leadership of the exchange-traded product as a key driver for rapid mainstreaming and growth of tokenized intellectual property.

The tokenized assets market is expanding, with US sovereign bonds on blockchains like Ethereum, Polygon, and Solana now exceeding $1.2 billion in value. The potential for blockchain-based tokenization platforms to reach a size of $16 trillion by 2030 has been highlighted by Boston Consulting Group, showcasing the significant economic implications of this emerging technology.