BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) has surged to $2.89 billion, nearly tripling in size in less than 90 days. The fund expanded by approximately $1 billion between March 26 and June 11, capturing about half of the $2 billion growth in the tokenized U.S. Treasury market during this period. BUIDL now represents 40% of the $7.34 billion tokenized money market, according to rwa.xyz. The fund's rapid growth is largely attributed to Ethena Labs' stablecoin USDtb, which contributed 90% of its reserves, totaling $1.3 billion, to BUIDL. Despite Ethena Labs ceasing to increase its fund share on March 26, BUIDL still achieved a 35% growth, underscoring the strong demand for regulated high-yield cash instruments on public blockchains. This growth highlights the increasing interest in tokenized real-world assets, particularly tokenized U.S. Treasuries.