RWA Tokenization Race Intensifies As BlackRock’s BUIDL Crosses $1B AUM

BlackRock’s tokenized US Treasury fund, BUIDL, has surged beyond the $1 billion mark, signaling growing interest in real-world asset (RWA) tokenization. This remarkable rise underscores how institutional players are shifting focus toward blockchain-backed financial products. At the same time, Fidelity has joined the race, planning its own Treasury money market fund on Ethereum.

BlackRock’s BUIDL Overtakes $1B

BUIDL’s assets under management (AUM) climbed nearly 129% in the last 30 days alone, nearing $1.4 billion. This rapid growth is impressive given the general turbulence in crypto markets. Most of the minted tokens remain on Ethereum, confirming that ETH’s network effects still dominate the space. Avalanche, Aptos, and various Layer-2 solutions collectively hold smaller but notable portions of the fund’s supply.

Investor Participation Grows

The number of holders increased by 19%, reaching a total of 62. For a year-old fund, these figures show sustained confidence in a token that represents US Treasury assets on-chain. Market analysts point out that such strong demand reflects belief in blockchain’s potential to modernize bond, credit, and fund issuance. By tokenizing these instruments, investors can settle trades faster and access markets any time, rather than being bound by limited operating hours.

Fidelity Enters the Arena

Meanwhile, asset management giant Fidelity is preparing to launch a blockchain-based Treasury money market fund. Named “OnChain,” this share class will run on Ethereum. In official filings with the US Securities and Exchange Commission, Fidelity says it can add more public blockchains in the future. The firm underscores how tokenization may streamline settlement and provide round-the-clock liquidity.

A Soaring RWA Market

Both BlackRock and Fidelity are responding to the broader upswing in RWA tokens. Recent on-chain data shows RWA tokens have grown 18.29% over the past 30 days, hitting $19.23 billion in total value. Furthermore, the market now has close to 91,000 holders. BlackRock’s BUIDL remains in first place by market cap, followed by Hashnote’s USDY and Tether Gold (XAUT).

Unsurprisingly, US Treasuries stand out as a pivotal slice of this tokenized landscape, accounting for nearly $4.76 billion in on-chain representation. Private credit, valued at $12.2 billion, leads the pack. As institutions broaden their exploration of real-world asset tokenization, these categories continue to expand.

The RWA Tokenization Race is heating up. BlackRock’s BUIDL has quickly surpassed $1 billion in AUM, showing that institutional demand is robust despite challenging crypto market conditions. Fidelity’s entry further illustrates how traditional finance firms see tokenization as a route to simpler, faster trading and settlement. By placing Treasury funds on-chain, these leading institutions hope to streamline liquidity, reduce operational overhead, and give investors greater access to global markets. While the crypto sector remains volatile, real-world asset tokenization stands out as a bright spot, forging new pathways between legacy finance and blockchain-driven innovation.