BlackRock’s $1.7B Tokenized Fund Expands to Solana Amid Growing Demand for On-Chain Finance
BlackRock’s tokenized money market fund, BUIDL, has now launched on Solana, marking another major expansion in the asset manager’s blockchain strategy, according to an announcement from Securitize.
This latest move brings BUIDL to seven different blockchain networks, including Ethereum, Polygon, Aptos, Arbitrum, and Optimism. Despite its widespread availability, only 62 wallets currently hold the fund on-chain, according to data from rwa.xyz.
The BlackRock USD Institutional Digital Liquidity Fund, or BUIDL, provides institutional investors with a short-term yield-bearing portfolio backed by U.S. Treasuries and cash, while leveraging blockchain technology for enhanced settlement and transfer capabilities. Since launching on Ethereum in 2023, the fund has grown to $1.7 billion in assets and is on track to surpass $2 billion by early April, Securitize reported.
“Over the past year, demand for tokenized real-world assets has surged, underscoring the importance of bringing institutional-grade products on-chain,” said Carlos Domingo, co-founder and CEO of Securitize. “Expanding BUIDL to Solana, a blockchain known for its high-speed, scalable, and cost-effective infrastructure, is a natural step forward as the market for RWAs and tokenized treasuries gains momentum.”
Money market funds typically offer investors a way to earn interest on idle cash, but they often have trading restrictions such as limited operating hours. Blockchain-based versions like BUIDL provide continuous access to funds, improving liquidity and efficiency.
BlackRock is not the only asset manager exploring tokenized finance. Franklin Templeton operates a similar tokenized fund with a $692 billion market cap and 558 holders, while Figure Markets recently introduced YLDS, an interest-bearing stablecoin. Other notable tokenized treasury funds include Hashnote’s Short Duration Yield Coin (USYC) and Ondo U.S. Dollar Yield.
The broader tokenized Treasury market has grown nearly sixfold over the past year, recently surpassing $5 billion in market capitalization, according to rwa.xyz data.
