Ethena Labs has recently made a significant contribution to the growth of BlackRock's tokenized BUIDL fund. Their involvement has been crucial in the fund's asset increase.
Ethena Labs' Role in BUIDL's Growth
Ethena Labs founder Guy Young claimed that their contribution is responsible for 95% of the recent growth in BlackRock's BUIDL tokenized fund. According to him, stablecoin issuers like Ethena Labs determine the platform for such products, and their decisions play a key role in the demand scale. Ethena Labs holds more than 60% of BUIDL's structure, making their participation significantly impact its assets.
Current Status of BlackRock BUIDL
BUIDL continues to gain popularity, with its assets under management increasing by more than 127% in the last month, crossing the $1 billion mark. This has been possible thanks to Ethena Labs' investments, valued at $200 million. The tokenized BUIDL product serves as a reserve asset for the Ethena USDtb stablecoin.
Ethereum as the Dominant RWA Platform
Ethereum continues to be the leading platform for tokenized real-world assets (RWA), holding 66.49% of the market share and over $4.759 billion in assets under management. Recently, Fidelity filed an application on Ethereum to register new tokenized funds, reiterating its dominance in the industry.
These developments highlight Ethena Labs' significance in the growth of the BUIDL tokenized fund and Ethereum's role as the leading platform for tokenized assets. These processes demonstrate the evolution and growing importance of blockchain technologies in finance.
