BlackRock's BUIDL fund has outpaced Franklin Templeton's BENJI fund in asset inflows, showcasing its dominance in the blockchain-based money market sphere.
The significant growth of BUIDL, an Ethereum-based fund managed by BlackRock, has attracted over $5 million in asset value despite the ongoing market turbulence. IntoTheBlock (ITB) data confirms the fund's popularity among investors.
Introduced in March on the Ethereum network, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) serves as BlackRock's inaugural tokenized fund, offering eligible investors the ability to earn yields in U.S. dollars via Securitize.
Securitize's successful funding round of $47 million, which include investment from BlackRock, highlights the positive reception and growth potential of the BUIDL fund.
BUIDL's investment diversification into U.S. Treasury bills, cash, and repurchase agreements provides investors with opportunities to generate income while holding assets on the blockchain. Despite market challenges, the fund has displayed resilience and growth.
Notably, with assets under management (AUM) hitting $491 million, BUIDL has stood out in the unstable market environment, contrasting the broader crypto market's downturn in July.
Recent on-chain data indicates a rise in BUIDL's AUM from $486.46 million on July 2 to $491.83 million, showcasing a growth of $5.37 million over the past week, despite the prevailing bearish sentiments.
With this performance, BUIDL has emerged as the top blockchain-based money market fund, surpassing Franklin Templeton's BENJI fund and reaching an AUM of $375 million back in May.
