BlackRock’s BUIDL Ethereum fund spends $245 million per week.

The Ethereum-based BUIDL fund has raised $245 million in Ethereum tokens since its launch last week from contracting giant BlackRock. According to data from Etherscan, ten transactions have gone into the BlackRock USD Institutional Digital Liquidity Fund since March 20, when the BUIDL fund launched, starting with $5 million.

Over the next seven days, an additional $239.8 million flowed into the ERC-20-based fund, including $92 million in Ondo's short-term U.S. government treasuries, including from real-world asset platform Ordo Finance.

“We are excited to see BlackRock embrace security tokens with the launch of BUIDL, especially its extensive collaboration with ecosystem participants,” Ordo Finance said in a blog post on Wednesday. “This not only validates our core hypothesis on tokenized US Treasury funds, but also reinforces our research that traditional securities tokenization on public blockchains represents the next major step in the evolution of financial markets.”

While not a stablecoin like USDT or USDC, Blackrock says the value of BUIDL is intended to remain 1-to-1 with the US dollar, with 1 BUIDL equaling 1 USD. Cryptocurrency stablecoins aim to provide some stability in the often volatile cryptocurrency market and provide a means of exchange for fiat or other tokens.

BlackRock said the fund invests 100% of its assets in cash, U.S. Treasury bills and repurchase agreements.

BlackRock filed documents with the US Securities and Exchange Commission on March 14 for the British Virgin Islands-based BlackRock Dollar Institutional Digital Liquidity Fund. News of the filing has renewed hope that despite the SEC's push against BlackRock's iShares, the space Ethereum ETF may be on the horizon. Ethereum Trust ETF.

Last week, the SEC delayed its decision on Greyscale's Ethereum ETF until the end of May.

According to data from the Real-World Assets (RWA) platform, BlackRock BUIDL is second only to Franklin Templeton's Franklin Onchain US Government Fund, which has a market capitalization of $360.2 million. Ethereum-based BlackRock BUIDL Fund has a market capitalization of 106.5 million.

Speaking to CNBC in January, BlackRock CEO Larry Fink raised the issue of crypto-based exchange-traded funds after the SEC approved the first Bitcoin ETFs.

“I see the value of the Ethereum ETF,” Fink said at the time. “Like I said, these are just steps toward becoming a token.”

Despite the high interest in the Ethereum Spot ETF, such an investment vehicle is unlikely to attract as much interest as is currently available for Bitcoin, which attracted $4.5 billion on its first day of availability.

Edited by Ryan Ozawa.