BUIDL and BENJI lead tokenized US Treasury bill growth as market balloons past early estimates

BlackRock’s BUIDL and Franklin Templeton’s BENJI posted the largest market cap increases among tokenized US Treasury products over the past 24 hours, a quiet milestone that says a lot about where fixed-income investing is heading.

BUIDL now sits at roughly $2.7B in total asset value. BENJI clocks in at about $727M. Together, the two products account for a massive share of a tokenized Treasury market that has grown from under $1B in early 2024 to an estimated $10B to $17B by mid-2026.

The two heavyweights, compared

BUIDL, which BlackRock launched on March 20, 2024, via Ethereum, has rapidly claimed approximately 40% of the entire on-chain tokenized Treasury market.

BENJI has been around longer, having launched on April 6, 2021, as a fully regulated on-chain mutual fund from Franklin Templeton. Its edge is accessibility: the minimum investment is just $20, compared to BUIDL’s $5M threshold that limits participation to qualified US purchasers.