PANews reported on March 14 that according to The Block, BlackRock's BUIDL fund has exceeded $1 billion in assets under management, becoming the first institutional-level on-chain fund to reach this milestone. BUIDL is backed by short-term government bonds and provides daily returns to qualified investors, similar to an on-chain stablecoin.

Since its launch in March 2024, BUIDL has surpassed Franklin Templeton's BENJI and Hashnote's USYC to become the world's largest on-chain fund, accounting for about a quarter of the entire $4.2 billion on-chain treasury market. BUIDL runs on the Ethereum mainnet and has expanded to Aptos, Arbitrum, Avalanche, Optimism and Polygon, supporting cross-chain Wormhole bridging. Custodians include Anchorage Digital, BitGo, Copper and Fireblocks, and funds are settled by Bank of New York Mellon. BlackRock is accelerating its Web3 layout and providing institutional-grade crypto asset management services through Coinbase.