Blackrock’s Institutional Digital Liquidity Fund, known as BUIDL, has become the largest tokenized offering of real-world assets (RWA), surpassing Franklin Templeton’s BENJI. With a supply of 381.76 million tokens, each priced at $1, BUIDL has outpaced BENJI, which now holds a total of $368.07 million. Previously, BENJI held the top spot in this market segment based on market capitalization.
To invest in BUIDL, investors must meet a minimum investment requirement of $5 million and be approved as “qualified purchasers.” Securitize, a provider of real-world tokenized assets, is one platform that allows participation in BUIDL. Data from the blockchain reveals that BUIDL is held in only 13 addresses, with Ondo Finance owning 23.68% of the total supply, equivalent to 90.43 million BUIDL tokens.
Another address, which Arkham Intelligence believes may be affiliated with Blackrock, controls 13.27% or 50.67 million tokens. Franklin Templeton’s BENJI, also known as FOBXX, operates on both the Stellar and Polygon blockchain networks. The majority of BENJI tokens, 365,652,593 in total, are on the Stellar blockchain, with an additional 2,104,981.7 tokens on the Polygon network.
BENJI has 404 holders on Stellar, with the majority of tokens held by a single account representing 29.02% of the supply. On the Polygon network, only two owners control the supply, with the top account holding 99.99% of the 2.1 million issued tokens. Currently, the market for tokenized real-world assets remains relatively small.
However, forecasts indicate significant growth in this sector, with market sizes potentially reaching several hundred billion to multiple trillions of dollars between 2025 and 2030. Supporters of RWA tokenization argue that it increases access to real-world assets for a wider investor base by fractionalizing ownership, thereby improving liquidity and ease of access.
This process enables broader access to traditionally illiquid markets like real estate and Treasury bonds, among other asset types. Tokenized real-world assets have gained prominence due to the success of the stablecoin economy, which is currently valued at $160 billion and represents 0.80% of the M2 money supply. Leading issuers such as Tether and Paxos have also expanded into gold-backed tokens, with a combined value of around $1 billion.
What are your thoughts on Blackrock’s BUIDL surpassing Franklin Templeton’s BENJI? Share your opinions in the comments section below.
