BUIDL, the tokenized fund from BlackRock built on the Ethereum blockchain, has crossed a market value of $502.8 million, according to data from Etherscan.

BlackRock launched BUIDL — the BlackRock USD Institutional Digital Liquidity Fund —  in March through a partnership with Securitize Markets, offering institutional investors the opportunity to earn yields on tokenized U.S. Treasuries.

Just over four months since its launch, it has become the first tokenized fund to cross the half a billion-dollar mark, and is the largest one of its kind, according to data from rwa.xyz.

The dethroned Franklin Templeton OnChain U.S. Government Money Fund (FOBXX) now ranks second, with a little over $400 million in assets under management (AUM). The fund has been on the market since April 2021. 

The third-most valuable tokenized fund is Ondo Finance’s USD Yield fund (USDY), which went live last August, and has an AUM of $281 million.

The market for tokenized treasuries has grown by more than 130% since the start of the year, and now has a value of more than $1.8 billion. Meanwhile, the total market for real world assets (RWA) currently sits at a value of $12.45 billion, with industry watchers only expecting this market to grow further.

RWA was the best-performing sector last month, with projects like Ondo Finance, Clearpool, and Maple Finance at the forefront of that growth. Native tokens for these projects saw their fully diluted market cap increase by 53% in the month of May.

“We could customize strategies through tokenization that fits every individual, we would have instantaneous settlement,” said BlackRock CEO Larry Fink in an interview with Bloomberg earlier this year.

“We believe this is a technological transformation for financial assets.”