BlackRock’s tokenized money market fund, BUIDL, has launched on the Solana blockchain, as announced by Securitize, further solidifying the asset manager’s foray into blockchain finance.

Key Information:

• The BUIDL fund is now operational across seven blockchains, including Ethereum, Polygon, Aptos, Arbitrum, and Optimism.
• The tokenized fund currently manages $1.7 billion in cash and U.S. Treasuries, with projections to increase to $2 billion by April.
• This expansion depicts significant adoption of blockchain finance products by asset managers.

Details:

The fund is officially named the BlackRock USD Institutional Digital Liquidity Fund, integrating a yield-bearing portfolio of cash and U.S. Treasuries with blockchain’s settlement and transfer functionalities.

We have seen $1.7 billion drawn in since its debut on Ethereum in 2023 and it is on track to surpass $2 billion soon, according to Securitize.

“Since the launch of BUIDL, we’ve noted high demand for tokenized real-world assets, affirming the importance of institutional-grade products on-chain,” stated Carlos Domingo, Co-founder and CEO of Securitize.

Moreover, blockchain money market funds provide investors with perpetual access to their funds, diverging from traditional funds that limit trading hours.

In addition to BlackRock’s venture, outfits like Franklin Templeton and Figure Markets are also expanding into tokenized fund offerings, showcasing the rapid growth within the tokenized treasury market.