PANews reported on June 13 that according to Cryptoslate, BlackRock's US Dollar Institutional Digital Liquidity Fund (BUIDL) expanded by about $1 billion between March 26 and June 11, accounting for about half of the $2 billion growth in the tokenized U.S. Treasury market during the same period. As of now, according to rwa.xyz data, BUIDL is currently worth $2.89 billion, making it the largest tokenized money fund, accounting for 40% of the $7.34 billion market. March 26 was an important time node, when Ethena Labs stopped increasing its fund share of its stablecoin USDtb. Most of BUIDL's growth in 2025 came from USDtb, with 90% of its reserves totaling $1.3 billion injected into the fund. Even without Ethena's push, BUIDL still achieved a significant 35% growth in less than three months, highlighting the strong demand for regulated high-yield cash instruments on public blockchains.

Furthermore, the fund has nearly tripled in size since it hit $1 billion on March 13. However, the fact that it took the fund less than 90 days to triple in size demonstrates the surging interest in tokenized real-world assets (RWAs), especially tokenized U.S. Treasuries.