According to The Block, BlackRock's BUIDL fund has surpassed $1 billion in assets under management, becoming the first institutional-grade on-chain fund to reach this milestone. BUIDL is backed by short-term Treasury bonds and provides daily returns to accredited investors, similar to stablecoins on the chain. Since its launch in March 2024, BUIDL has overtaken Franklin Templeton's BENJI and Hashnote's USYC to become the world's largest on-chain fund, accounting for about a quarter of the entire $4.20 billion on-chain Treasury market. BUIDL runs on the Ethereum mainnet and expands to Aptos, Arbitrum, Avalanche, Optimism and Polygon, supporting cross-chain Wormhole bridging. Custodians include Anchorage Digital, BitGo, Copper and Fireblocks, and funds are settled by BNY Mellon. BlackRock is accelerating its Web3 layout and providing institutional-grade crypto asset management services through Coinbase.