Global asset manager BlackRock’s BUIDL token, developed in partnership with Securitize and supported by U.S. Treasuries, has officially surpassed the $1 billion mark in assets. This surge has been significantly propelled by a recent $200 million allocation from the crypto protocol Ethena, as confirmed by a Securitize spokesperson.
Data from the Ethereum blockchain indicates that an entity minted $200 million worth of BUIDL tokens on Thursday at 18:47 UTC, reflecting the growing momentum behind this digital asset.
BUIDL is increasingly at the forefront of tokenization initiatives, which aim to integrate traditional financial instruments like bonds and private credit into blockchain systems for enhanced operational efficiency and quicker settlements. It has emerged as a key reserve asset across various yield-generating platforms and is becoming a crucial collateral tool on trading exchanges.
Ethena utilizes BUIDL tokens to back its yield-generating USDtb token, which currently boasts a supply of $540 million. This token is supported by stablecoins USDC and USDT, as well as a substantial allocation of approximately $320 million worth of BUIDL tokens.
According to Guy Young, the founder of Ethena, “Ethena’s decision to scale USDtb’s investment in BUIDL reflects our deep conviction in the value of tokenized assets and their significant role in the modern financial infrastructure.”
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