Online reports, according to Cryptoslate, BlackRock's U.S. Dollar Institutional Digital Liquidity Fund (BUIDL) expanded by approximately US$1 billion between March 26 and June 11, accounting for approximately half of the $2 billion growth in the tokenized U.S. Treasury market over the same period. As of now, according to rwa.xyz data, the current size of BUIDL has reached US$2.89 billion, making it the largest tokenized money fund, accounting for 40% of the US$7.34 billion market. March 26 is an important time point, when EthenaLabs stopped increasing its fund share in its stablecoin USDtb. Most of the growth in BUIDL in 2025 comes from USDtb, with 90% of reserves totaling US$1.3 billion injected into the fund. Even without Ethena's push, BUIDL achieved a significant growth of 35% in less than three months, highlighting the strong demand for regulated high-yield cash instruments on public blockchains. In addition, since the fund reached US$1 billion on March 13, its size has nearly tripled. However, the fund tripled its size in less than 90 days, signaling a surge in interest in tokenizing real world assets (RWA), especially U.S. Treasuries.