The BlackRock USD Institutional Digital Liquidity (BUIDL) fund has surpassed $500 million in market value, unseating Franklin Templeton’s blockchain-based mutual fund.  

The U.S. Treasurys-backed tokenized fund, launched on the Ethereum network in March, held $502.8 million in BUIDL tokens at the time of publication, data from Etherscan shows. That makes BUIDL the highest-valued tokenized treasury fund in the world, according to its issuer, Securitize Markets. 

“We’re very excited about the adoption and growth we’ve seen as we continue pushing BUIDL to be a foundational layer for institutional crypto yields,” Securitize CEO Carlos Domingo told The Block in an emailed statement. 

BlackRock’s current market value is roughly $100 million higher than that of the …