BlackRock, Securitize Expand $1.7B Tokenized Money Market Fund BUIDL to Solana

BlackRock’s tokenized wealth marketplace fund, BUIDL, has go disposable connected Solana, Securitize announced, marking different measurement successful the plus manager’s propulsion into blockchain-based finance.

The enlargement makes BUIDL disposable connected 7 blockchains, including Ethereum, Polygon, Aptos, Arbitrum and Optimism. Only 62 wallets presently clasp BUIDL on-chain, however, according to rwa.zyz data.

The fund, officially the BlackRock USD Institutional Digital Liquidity Fund, combines a short-term yield-bearing portfolio of currency and U.S. Treasuries with the colony and transportation capabilities of blockchain. Since its instauration connected Ethereum successful 2023, the money has drawn successful $1.7 billion and is connected way to transverse $2 cardinal by aboriginal April, according to Securitize.

“In the twelvemonth since BUIDL’s launch, we’ve experienced important maturation successful request for tokenized real-world assets, reinforcing the worth of bringing institutional-grade products on-chain,” said Carlos Domingo, co-founder and CEO of Securitize, successful a statement. “As the marketplace for RWAs and tokenized treasuries gains momentum, expanding BUIDL to Solana—a blockchain known for its speed, scalability, and outgo efficiency—is a earthy adjacent step.”

Money marketplace funds typically let investors to gain involvement connected idle cash, but they travel with trading limitations specified arsenic constricted operating hours. Blockchain versions similar BUIDL let for changeless access.

BlackRock isn’t alone. Franklin Templeton offers a akin tokenized money that presently has a $692 cardinal marketplace capitalization and 558 holders, and Figure Markets precocious launched YLDS, an interest-bearing stablecoin. Other large tokenized treasury funds see the Hashnote Short Duration Yield Coin (USYC) and Ondo U.S. Dollar Yield.

The tokenized Treasury marketplace is 1 of the fastest-growing sectors among tokenized assets, increasing astir sixfold implicit the past twelvemonth and precocious crossing $5 cardinal successful marketplace capitalization, rwa.xyz information show.