BlackRock’s Tokenized Money Market Fund BUIDL Now Available on Solana

BlackRock’s tokenized money market fund, BUIDL, is now accessible on Solana, announced by Securitize. This move further strengthens BlackRock’s commitment to blockchain-based financial products.

This expansion makes BUIDL available on seven different blockchains, including Ethereum, Polygon, Aptos, Arbitrum, and Optimism. However, only 62 wallets currently hold BUIDL, indicating that the fund has a limited user base.

BUIDL, known as the BlackRock USD Institutional Digital Liquidity Fund, combines short-term yield-bearing cash and U.S. Treasury securities with the settlement and transfer capabilities of blockchain. Since its introduction on Ethereum, the fund has raised $1.7 billion, with projections indicating it will exceed $2 billion by early April.

Securitize CEO’s Statement

Carlos Domingo, co-founder and CEO of Securitize, mentioned that the demand for tokenized real-world assets has grown significantly since BUIDL’s launch. He highlighted the importance of bringing institutional-grade products to blockchain and described the move to Solana, a platform known for its speed, scalability, and cost efficiency, as a natural next step.

Tokenized Treasury Market is Growing Rapidly

Money market funds typically aim to provide investors with interest on idle cash, but traditional funds are limited by restricted trading hours and limitations. Blockchain-based funds like BUIDL offer 24/7 access, enabling continuous earnings.

In addition, major financial institutions such as Franklin Templeton have launched similar tokenized funds, with a market capitalization of $692 billion and 558 holders. Other significant tokenized treasury funds include Hashnote Short Duration Yield Coin (USYC) and Ondo U.S. Dollar Yield. The tokenized treasury market has grown nearly sixfold in the past year, surpassing a market capitalization of $5 billion.

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