With dividends surpassing $100 million and assets exceeding $2 billion, BlackRock's BUIDL has become the largest tokenized government bond fund. BlackRock's tokenized money market fund BUIDL has reached an important milestone. According to data disclosed by tokenization company Securitize, since its launch in March 2024, BUIDL has distributed approximately $100 million in dividends to investors, and the fund's assets under management have also surpassed $2 billion, making it one of the largest tokenized cash and government bond products in the market today. BUIDL primarily invests in short-term US Treasuries, repurchase agreements, and cash equivalents, positioning itself as a regulated money market fund rather than a traditional stablecoin. The fund's shares exist in the form of blockchain tokens and are settled and distributed on a public blockchain. BUIDL was initially deployed on the Ethereum network, and as on-chain dollar yield demand increased, it gradually expanded to multiple blockchain ecosystems. The $100 million in cumulative dividends is seen as a significant signal of the successful on-chain listing of institutional-grade financial assets. Compared to stablecoins, tokenized money market funds offer institutional investors a compliant, transparent, and real-yield dollar exposure, becoming an important supplement to stablecoins. Over the past year, tokenized government bonds and cash products have grown rapidly, but regulators continue to monitor related risks, including on-chain settlement finality, liquidity assumptions, and stability under extreme market conditions. Nevertheless, BUIDL remains the first to pay out $100 million in dividends for a tokenized government bond fund. Currently, BUIDL's applications are no longer limited to passive income. Its tokens have been integrated into the crypto financial system, serving as the underlying support asset for stablecoin USDtb, and can also be used for on-chain trading, financing, and collateralization scenarios. This structure connects traditional short-term interest rate markets with the expanding on-chain financial infrastructure, making BUIDL an important bridge for institutional capital entering tokenized finance.