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 government bonds and provides daily returns to qualified investors, similar to an on-chain stablecoin. Since its launch in March 2024, BUIDL has surpassed Franklin Templeton's BENJI and Hashnote's USYC, becoming the largest on-chain fund globally, accounting for approximately one-fourth of the entire $4.2 billion on-chain government bond market. BUIDL operates on the Ethereum mainnet and has expanded to Aptos, Arbitrum, Avalanche, Optimism, and Polygon, supporting cross-chain Wormhole bridging. Custodians include Anchorage Digital, BitGo, Copper, and Fireblocks, with fund settlement handled by The Bank of New York Mellon. BlackRock is accelerating its Web3 strategy and providing institutional-grade crypto asset management services through Coinbase.