BlackRock’s BUIDL Tokenized Fund Launches on Solana, Reaches $1.7 Billion
BlackRock’s tokenized money market fund, BUIDL, is now available on Solana, according to Securitize. This expansion adds Solana to a list of seven blockchains where BUIDL operates, including Ethereum and Polygon.
- BUIDL currently has 62 wallets holding the token on-chain.
- The fund, officially named BlackRock USD Institutional Digital Liquidity Fund, combines cash and U.S. Treasuries with blockchain capabilities.
- Since its launch on Ethereum in 2023, BUIDL has attracted $1.7 billion and is projected to reach $2 billion by early April.
- Carlos Domingo from Securitize emphasized the growing demand for tokenized real-world assets and the benefits of Solana's speed and cost efficiency.
- Blockchain versions of money market funds like BUIDL offer constant access, unlike traditional funds with trading limitations.
- Franklin Templeton also offers a tokenized fund with a market cap of $692 billion and 558 holders.
- The tokenized Treasury market has grown nearly sixfold in the past year, surpassing $5 billion in market capitalization.
Other notable tokenized treasury funds include Hashnote Short Duration Yield Coin and Ondo U.S. Dollar Yield.