The recently launched BlackRock USD Institutional Digital Liquidity Fund (BUILD) has achieved a market capitalization exceeding $500 million, as reported by Etherscan. This milestone was reached in less than four months since the fund's inception, showcasing the rapid adoption and growth of this innovative investment product.
BUILD has surpassed its primary competitor, the Franklin OnChain US Government Money Fund (BENJI), since late April 2024 and has maintained its leading position in the segment. The initial announcement of the new fund by BlackRock was made in March 2024. In collaboration with asset tokenization firm Securitize, BlackRock submitted an application to the U.S. Securities and Exchange Commission (SEC) for the registration of this new product. The documents revealed that the fund had actually been established in 2023. BlackRock utilized Form D, which allows issuers certain exemptions from SEC regulations.
Over the past four months, BUILD has accumulated nearly $503 million. The largest holder of assets in the fund is Ondo Finance, which has invested $173 million. Ondo Finance specializes in the tokenization of real-world assets, leveraging BUILD to support its token, OUSG. Another significant holder of the fund is Mountain Protocol, the issuer of the USDM stablecoin. This entity uses the BUILD investment product to back its asset.
Moreover, it has been reported that a group associated with BlackRock plans to launch a new national stock exchange in the United States, the Texas Stock Exchange (TXSE). The exchange is expected to begin operations in 2025, with the first listing anticipated in 2026.
Additionally, BlackRock has made investments exceeding $4 million in its own spot Bitcoin ETF, further solidifying its position in the cryptocurrency and digital asset space. The success of the BUILD fund underscores BlackRock's commitment to pioneering financial innovation and its ability to attract substantial investments in a short period.-
