Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering

Blackrock’s BUIDL has now eclipsed all other tokenized offerings backed by U.S. Treasury notes, as its supply has climbed to 381.76 million tokens, each priced at $1. Prior to this change, Franklin Templeton dominated this niche with the largest tokenized fund by market cap, but has since slipped to second place with a total of $368.07 million.

To participate in BUIDL, at least via Securitize, a provider of real-world tokenized assets, there is a minimum investment requirement of $5 million, and investors must be approved as “qualified purchasers.” Onchain data reveals that BUIDL is held in only 13 addresses, with Ondo Finance possessing 23.68% of the total supply, or 90.43 million BUIDL tokens.

An unflagged address, which Arkham Intelligence suggests might be connected to Blackrock, controls 13.27% or 50.67 million tokens. Franklin Templeton’s BENJI, also known as FOBXX, operates across two blockchain networks. The majority of BENJI tokens, amounting to 365,652,593, are on the Stellar blockchain, while an additional 2,104,981.7 are on the Polygon network.

BENJI is held by 404 holders on Stellar, and only two owners control the Polygon supply. The leading Stellar-based BENJI account holds 29.02% of its supply. The top Polygon account holds 99.99% of the 2.1 million issued. Currently, the market for tokenized real-world assets (RWA) remains notably small.

Nonetheless, forecasts predict a substantial expansion in this sector, with market sizes potentially reaching from several hundred billion to multiple trillions of dollars between 2025 and 2030. Advocates of RWA tokenization argue that it enhances accessibility to real-world assets for a broader investor base by fractionalizing ownership, which boosts liquidity and eases access.

This process broadens access to markets that are traditionally less liquid, such as real estate and Treasury bonds, among other asset types. Tokenized real-world assets have gained significant prominence from the stablecoin economy’s success, currently valued at $160 billion, representing 0.80% of the M2 money supply. Leading issuers such as Tether and Paxos have further expanded into gold-backed tokens, with the combined value of coins issued by these two firms amounting to around $1 billion at present.

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