Injective launches tokenized index tracking BlackRock’s BUIDL fund

Injective has introduced a new tokenized index for BlackRock’s BUIDL Fund, allowing users to track the fund’s supply.

According to a statement from Injective (INJ), this index is the first perpetual market of its kind and will allow users to access the BUIDL Fund in a way that was not previously available.

The BUIDL Fund, also known as the BlackRock USD Institutional Digital Liquidity Fund, is BlackRock’s first tokenized offering on a public blockchain. It provides institutional investors with exposure to U.S. Treasuries and other assets.

The BUIDL fund allocates its investments across U.S. Treasury bonds, cash, and repurchase agreements, allowing investors to earn returns while holding their assets as tokens on the blockchain.

Despite a correlation to the crypto industry, the fund has maintained a positive trajectory amid ongoing market turmoil. According to Injective, the fund has accumulated over $500 million in assets under management, making it the largest tokenized fund to date.

Previously, the BUIDL Fund required a minimum investment of $5 million. With the launch of the BUIDL Index, users can now access the fund with as little as $1 million.

Making tokenized assets more accessible

The BUIDL Index will be available exclusively on the Injective blockchain through various decentralized applications, allowing investors to access tokenized assets with leverage and track not only the price but also the supply of the fund.

Traders can take long or short positions based on market trends. Price changes are based on the fund’s market price and are adjusted hourly to reduce volatility. The market is based on the fund’s market price and fluctuates throughout the day based on supply changes, allowing users to take these positions.

Stork, a decentralized price feed provider, facilitated the collaboration and was part of Injective’s recent Altaris Mainnet upgrade.