BlackRock's BUIDL Fund: How the World's Largest Asset Manager Is Rewriting the Rules of Tokenized Finance
BlackRock's BUIDL tokenized money market fund surpassed $2.5 billion AUM in early 2026, making it the world's largest on-chain fund and signaling Wall Street's definitive commitment to tokenized assets.
BlackRock — BUIDL and the Institutionalization of Tokenized Finance
The world's largest asset manager at $11.5T AUM launched BUIDL in March 2024, crossing $2.5B in tokenized Treasury assets by February 2026.
Investment Company Act of 1940
The Investment Company Act of 1940 regulates mutual funds, ETFs, and other pooled investment vehicles — and determines whether tokenized funds like BlackRock's BUIDL must register as investment companies and what protections investors receive.
Qualified Purchaser
A Qualified Purchaser is an investor meeting the $5M net investable assets threshold under the Investment Company Act of 1940, granting access to the most exclusive private funds — including BlackRock's BUIDL tokenized treasury fund — while enabling fund managers to avoid Investment Company Act registration.
Tokenized Fund Shares
Tokenized fund shares represent fractional interests in traditional investment funds recorded on a blockchain — from Franklin Templeton's SEC-registered FOBXX (blockchain as transfer record) to Securitize-distributed PE funds — with $5B+ in US tokenized fund AUM.
Tokenized Treasuries
Tokenized US Treasuries are blockchain representations of US government bonds or money market funds backed by Treasuries, totaling $9B+ AUM across 15+ products as of early 2026 — the fastest-growing category in tokenized real-world assets.
Tokenized US Treasuries Tracker
Tracking every tokenized US government fund — BlackRock BUIDL, Franklin FOBXX, Ondo OUSG, Superstate, and competitors — with live AUM, yield, and platform data.