BUIDL surges to $2.8 billion, BlackRock turns tokenized U.S. Treasuries into a mainstream cash tool The BUIDL fund launched by BlackRock has skyrocketed by nearly $1 billion in just three months, capturing almost half of the growth in the entire tokenized U.S. Treasury market, now reaching a total size of $2.89 billion. It is not only the world's largest tokenized currency fund but also a flagship representative of the entire RWA market, accounting for 40% of the $7.3 billion market with just this one fund. Ethena Labs has stopped using BUIDL as a source of asset backing for USDtb, as USDtb has been the main driver of BUIDL's growth this year, accounting for 90% of past capital inflows. The current influx of funds is purely driven by demand without the support of stablecoins. Without Ethena's support, BUIDL has still managed to grow by 35% in three months, with demand for the on-chain version of "regulated, high-yield dollar assets" increasing rather than decreasing. RWA is no longer just a "conceptual topic"; the tokenization of U.S. Treasuries is experiencing explosive growth. From March to June, not only did BUIDL grow, but the entire RWA market increased by nearly $5 billion, with almost half of that being the tokenization of U.S. Treasuries. BUIDL broke through the $1 billion mark last March, taking a year, but this time it took less than 90 days to go from $1 billion to $3 billion. In addition to the increase, it can also continue to distribute dividends, achieving a new high in dividends for three consecutive months. BUIDL's monthly dividends have set new records for three months in a row, soaring from $4.17 million in March to over $10 million in May, with total dividends exceeding $43 million. This should be one of the very few on-chain tools that can provide stable cash flow returns outside of the USDC stablecoin, serving as a cash pool or a foundational safety anchor for on-chain assets.