BlackRock’s tokenized money market fund, BUIDL, has officially become available on the Solana blockchain, as announced by Securitize. This launch marks another significant step in the asset manager’s ongoing endeavor to integrate blockchain-based finance into its offerings.
The expansion of BUIDL now encompasses seven blockchains, including notable platforms such as Ethereum, Polygon, Aptos, Arbitrum, and Optimism. Despite this wide reach, only 62 wallets currently hold BUIDL on-chain, according to data from rwa.xyz.
Formally known as the BlackRock USD Institutional Digital Liquidity Fund, BUIDL combines a short-term yield-bearing portfolio of cash and U.S. Treasuries with the advanced settlement and transfer mechanisms provided by blockchain technology. Since its initial launch on Ethereum in 2023, the fund has accumulated an impressive $1.7 billion and is anticipated to surpass $2 billion by early April, as per Securitize’s insights.
“In the year since BUIDL’s launch, we’ve experienced significant growth in demand for tokenized real-world assets, reinforcing the value of bringing institutional-grade products on-chain,” remarked Carlos Domingo, co-founder and CEO of Securitize. “As the market for RWAs and tokenized treasuries gains momentum, expanding BUIDL to Solana—a blockchain known for its speed, scalability, and cost efficiency—is a natural next step.”
Typically, money market funds allow investors to earn interest on idle cash, although they come with certain trading limitations, such as restricted operating hours. In contrast, blockchain-based options like BUIDL provide continuous access to funds, enhancing liquidity for investors.
BlackRock is not navigating this innovative landscape alone. Franklin Templeton has introduced a comparable tokenized fund boasting a market capitalization of $692 billion and 558 holders, while Figure Markets has recently initiated YLDS, an interest-bearing stablecoin. Other notable players in the tokenized treasury domain include the Hashnote Short Duration Yield Coin (USYC) and Ondo U.S. Dollar Yield.
The tokenized Treasury market has rapidly emerged as one of the most dynamic segments within the world of tokenized assets, experiencing nearly sixfold growth in the past year and recently exceeding a $5 billion market capitalization, as evidenced by rwa.xyz data.
