BlackRock Expands Tokenized Money Market Fund BUIDL to Solana
BlackRock’s tokenized money market fund, BUIDL, is now live on Solana, Securitize announced, marking another step in the asset manager’s growing involvement in blockchain-based finance.
With this latest expansion, BUIDL now operates across seven different blockchains, including Ethereum, Polygon, Arbitrum, Aptos, and Optimism. Despite its rapid growth, data from rwa.xyz shows that only 62 wallets currently hold the fund on-chain.
BUIDL, officially named the BlackRock USD Institutional Digital Liquidity Fund, is a tokenized fund backed by cash and U.S. Treasuries, allowing for real-time blockchain settlements. Since its launch on Ethereum in 2023, the fund has amassed $1.7 billion in assets and is projected to surpass $2 billion by early April, according to Securitize.
“We’ve seen substantial demand for tokenized real-world assets over the past year, and expanding BUIDL to Solana aligns with our goal of increasing institutional adoption,” said Carlos Domingo, co-founder and CEO of Securitize.
Unlike traditional money market funds, which have trading limitations due to standard banking hours, tokenized funds like BUIDL allow for 24/7 access and on-chain liquidity.
BlackRock is not the only firm diving into tokenized finance. Franklin Templeton has a similar offering with a $692 billion market cap and 558 holders, while Figure Markets recently introduced YLDS, an interest-bearing stablecoin. Other notable tokenized Treasury products include Hashnote’s Short Duration Yield Coin (USYC) and Ondo U.S. Dollar Yield.
The tokenized Treasury market has grown nearly sixfold in the past year, recently surpassing $5 billion in total market capitalization, according to rwa.xyz.
