BlackRock's USD Institutional Digital Liquidity Fund reached $375 million in assets under management.

The fund, known by its ticker BUIDL, beat out its nearest competitor Franklin Templeton's FOBXX by nearly $8 million, data from Dune Analytics show. FOBXX is a U.S.-registered mutual fund using the Polygon and Stellar blockchains, holding over $368 million in assets under management as of April 30.

"The fund invests at least 99.5% of its total assets in U.S. government securities, cash and repurchase agreements collateralized fully by U.S. government securities or cash," according to FOBXX's website. "The fund seeks to provide as high a level of current income as is consistent with the preservation of shareholders' capital and liquidity. The fund also tries to maintain a stable $1 share …