BlackRock’s BUIDL fund crosses $1B with Ethena’s $200M allocation

BlackRock’s tokenised treasury fund, BUIDL, has crossed the $1 billion milestone in assets following a $200 million investment from crypto protocol Ethena (CRYPTO:ENA).

This achievement marks a significant step in the adoption of tokenised financial instruments, as BUIDL serves as a reserve asset for yield-generating offerings and is increasingly utilised as collateral on trading platforms.

The investment was confirmed on March 13, 2025, with Ethereum (CRYPTO:ETH) blockchain data showing the minting of $200 million worth of BUIDL tokens.

Ethena’s USDtb token, backed by stablecoins USDC (CRYPTO:USDC) and USDT (CRYPTO:USDT) alongside $320 million in BUIDL tokens, now has a total supply of $540 million.

“Ethena's decision to scale USDtb's investment in BUIDL reflects our deep conviction in the value of tokenised assets and the significant role they will continue to play in modern financial infrastructure,” stated Guy Young, founder of Ethena, emphasised the importance of tokenised assets.

BUIDL, issued by BlackRock in partnership with Securitize and backed by U.S. Treasuries, is part of the growing trend to tokenise traditional financial instruments such as bonds and funds.

Tokenisation aims to enhance operational efficiency and liquidity while reducing settlement times.

BlackRock’s success with BUIDL highlights the increasing institutional confidence in blockchain-based solutions for real-world assets.

The milestone comes amid broader growth in the market for tokenised treasuries, which has reached a record $4.2 billion in market capitalisation.

BUIDL is already utilised as collateral on platforms like FalconX and Hidden Road, with discussions underway to expand its use to Binance and OKX.

The fund also offers daily accrued dividends directly to investors’ wallets, further enhancing its appeal.

At the time of reporting, the Ethena (ENA) price was $0.3382.