Update March 26, 2:36 pm UTC: This article has been up to date to incorporate quotes from Brickken CEO Edwin Mata.

BlackRock’s Ethereum-native tokenized cash market fund has greater than tripled in worth over the previous three weeks, nearing the $2 billion mark amid rising demand for safe-haven digital property.

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) noticed an over three-fold enhance over the previous three weeks, from $615 million to $1.87 billion, based on Token Terminal information shared by Leon Waidmann, head of analysis at Onchain Foundation, a Web3 intelligence platform.

“BUIDL fund TVL exploded from $615M → $1.87B in just 3 weeks. The tokenization wave is hitting faster than most realize,” the researcher wrote in a March 26 X post.

BlackRock’s BUIDL fund is a part of the broader real-world asset (RWA) tokenization sector, which refers to monetary merchandise and tangible property corresponding to actual property and advantageous artwork minted on the blockchain, rising investor accessibility to and buying and selling alternatives for these property.

The surge in BlackRock’s fund displays a rising institutional urge for food for tokenized RWAs resulting from extra regulatory readability, based on Edwin Mata, co-founder and CEO of Brickken, a European RWA platform.

“The US is witnessing a notable shift toward a more crypto-friendly regulatory environment,” the CEO advised Cointelegraph, including:

“The SEC has recently concluded several investigations without enforcement actions, including those involving Immutable, Coinbase and Kraken. This trend suggests a move toward clearer regulatory frameworks that support innovation in the digital asset space.”

Related: Crypto markets will be pressured by trade wars until April: Analyst

BlackRock launched BUIDL in March 2024 in partnership with tokenization platform Securitize. In a current Fortune report, Securitize chief working officer Michael Sonnenshein mentioned the fund aims to make offchain property “unboring.” 

RWAs reached a new cumulative all-time excessive of over $17 billion on Feb. 3, following Bitcoin’s (BTC) decline under $100,000.

Related: Redemption arcs of 2024: Ripple’s victory, memecoins’ rise, RWA growth

RWAs close to $20B file excessive amid Bitcoin’s lack of momentum

The complete worth of onchain RWAs is lower than 0.5% away from surpassing the $20 billion mark, with a complete cumulative worth of $19.57 billion, based on data from RWA.xyz.

RWAs will seemingly rise to new all-time highs in 2025 as they entice investor curiosity amid Bitcoin’s lack of momentum, based on Alexander Loktev, chief income officer at P2P.org, an institutional staking and crypto infrastructure supplier.

“Given the recent moves we’ve seen from major financial institutions, particularly BlackRock and JPMorgan’s growing involvement in tokenization, I believe we could hit $50 billion in TVL,” Loktev advised Cointelegraph.

Traditional finance (TradFi) establishments are “starting to view tokenized assets as a serious bridge to DeFi,” pushed by establishments searching for digital asset investments with “predictable yields,” added Loktev.

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