BlackRock's BUIDL launch (2024)
BlackRock launched BUIDL, a tokenized money market fund on Ethereum, administered by Securitize. It became the benchmark for tokenized funds.
BUIDL attracted significant institutional assets, validating tokenized funds as a product category.
It set the competitive benchmark that Spiko and other issuers now measure against.
BUIDL is Spiko's main competitor. Spiko's SAFO fund grew faster in its first three weeks than BUIDL did, per RWA.xyz data.
