The market cap of on-chain U.S. treasuries funds tagged new all-time highs amid BUIDL’s success.

BUIDL, the tokenized U.S. treasuries fund from BlackRock, the world’s largest asset manager, has already pulled in a quarter of a billion dollars during its first week.

On-chain data shows that $244.8 million worth of BUIDL shares are held by seven different wallets, according to Etherscan. BUIDL already ranks as the second-largest tokenized U.S. treasuries fund behind Franklin Templeton’s OnChain U.S. Government Money Fund, which has attracted $360.25 million since launching 11 months ago.

BlackRock’s rapid success has propelled the market cap of tokenized treasuries funds to an all-time high above $876 million.

The BlackRock USD Institutional Digital Liquidity Fund (BUILD) was deployed on Ethereum to much fanfare last week, with many community members celebrating the fund as a major vote of confidence in the network from a world-leading financial institution.