BlackRock’s BUIDL fund has seen a substantial surge, reaching an estimated $2.89 billion, driven by the success of Ethena Labs’ USDtb stablecoin. This growth demonstrates growing interest in real-world asset (RWA) tokenization within the financial markets. 40% market share of the $7.34 billion U.S. Treasury tokenized fund is now held by BUIDL, reflecting strong institutional trust in regulated digital financial instruments. Ethena Labs played a key role in this expansion by injecting $1.3 billion into BUIDL, solidifying its position as a leader in the RWA tokenization space. 2025 has seen unprecedented growth for BUIDL within the tokenized U.S. Treasury market, surpassing previous fund growth rates and highlighting increasing institutional involvement. This growth signifies a shift towards regulated digital assets in traditional finance.