New BlackRock tokenized fund garners $160M in deposits in one week, adds $95M more

The BlackRock USD Institutional Digital Liquidity Fund (BUIDL), the $10 trillion asset manager's first tokenized investment fund, saw $160 million in inflows in its first week. It appears to be growing, with fresh funds from tokenized real-world asset (RWA) platform Ondo Finance. 

BlackRock, the world's largest asset manager, launched BUIDL last week. The fund raised $160 million in its first week, according to a report on Wednedsay by Bloomberg. This was followed by a blog post by Ondo saying that it will allocate "a substantial portion" of the assets of its tokenized short-term U.S. Treasury bills ETF, OUSG, into BUIDL. Ondo told CoinDesk that it was moving $95 million onto BUIDL, and by Wednesday afternoon, BUIDL's balance was $244.8 million when nearly $84 million was deposited at 2:49 p.m. ET (18:49 UTC), according to blockchain data. 

The BlackRock USD Institutional Digital Liquidity Fund (BUIDL) is a tokenized money market fund that invests in U.S. Treasury bills, repurchase agreements, and cash. With help from Miami-based Securitize, it uses the Ethereum blockchain for issuing BUIDL tokens, which are designed to offer a stable value of $1 per token and pay dividends in the form of tokens representing U.S. dollar yield to qualified investors. 

BlackRock continues to build on its newfound success in digital assets. In January, BlackRock secured SEC approval alongside nearly a dozen other funds in January for a spot bitcoin exchange-traded fund. The asset manager's ETF, the iShares Bitcoin Trust (IBIT), has attracted more than $15 billion in investments, making it the second-largest spot bitcoin ETF, behind Grayscale's GBTC, according to The Block's spot bitcoin ETF data page. 

Update (March 27, 5:00 p.m. ET): Added information about $84 million deposit.