BlackRock's USD Institutional Digital Liquidity Fund held $2,234,682,194 in assets as of June 27, per RWA.xyz, giving BUIDL the second-largest position in a $14.59B tokenized treasury market. Circle's USYC led the category at $3,106,125,414.
BUIDL began settling on-chain through UniswapX on February 11, 2026, after Uniswap Labs and Securitize connected tokenized fund shares to DeFi settlement infrastructure.
At $2.23B, BUIDL accounts for roughly 15% of tokenized treasuries. The liquidity link matters because it gives holders of a large tokenized fixed-income fund a way to move through on-chain rails rather than routing every exit through a traditional broker.
Whitelisted investors submit orders through Securitize Markets. The system routes each order to three market makers, Flowdesk, Tokka Labs, and Wintermute, for competing quotes, then settles the winning trade atomically on-chain with USDC as output, 24 hours a day.
Securitize serves as the fund's transfer agent and tokenization infrastructure provider.
BlackRock made a strategic investment in the Uniswap ecosystem as part of the February integration. Financial terms were not disclosed.