BlackRock's BUIDL fund, the largest tokenized U.S. Treasury product on-chain, has become the single biggest real-world asset on Avalanche after a multi-hundred-million-dollar allocation that drove the network's distributed RWA total to a record $1.16 billion in late May, with the BUIDL position alone accounting for roughly $625 million of that figure as of May 25.
The $2.85 billion BUIDL fund, which is run by BlackRock with Securitize as tokenization partner, held $624.87 million on Avalanche on the May 25 snapshot, more than half of Avalanche's distributed RWA market and ahead of the second-largest position,
Janus Henderson's Anemoy AAA CLO Fund at $258.99 million, data from RWA.xyz show. DefiLlama, which tracks Avalanche's RWA TVL on a different methodology, shows BUIDL on Avalanche at $414.4 million on Tuesday, after the position spent most of late May above $600 million.
Avalanche RWA TVL on the network rose 58.4% over the two weeks to May 25, per data shared by Avalanche.
The allocation reorders Avalanche's place in the institutional tokenization league table. Avalanche is the 12th-largest chain by total DeFi TVL at $563 million, per DefiLlama, but on tokenized-RWA distribution it now trails only Ethereum among permissionless networks, a separation driven entirely by the fact that BUIDL investors are picking Avalanche, not by the chain's broader DeFi activity.
