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According to Cryptoslate, BlackRock's US dollar institutional digital liquidity fund (BUIDL) expanded by about US $1 billion from March 26 to June 11, accounting for about half of the US $2 billion growth in the token based US treasury bond bond market over the same period. As of now, according to rwa.xyz data, BUIDL has reached a scale of $2.89 billion, becoming the largest tokenized money market fund, accounting for 40% of the $7.34 billion market. March 26th is an important time point, on which Ethena Labs stopped increasing its holdings of its stablecoin USDtb fund. The majority of BUIDL's growth in 2025 comes from USDtb, with 90% of reserves totaling $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 tools on public blockchains. In addition, since the fund reached $1 billion on March 13th, its size has nearly tripled. However, it only took less than 90 days for the fund to triple its size, which indicates that the market's interest in real world asset (RWA) tokenization, especially in tokenized US treasury bond bonds, has soared.