BlackRock is extending its reach in crypto by bringing its $1.7B tokenized treasury fund to the Solana blockchain.
Asset management behemoth BlackRock, overseeing a staggering $11.6 trillion in client holdings, is deepening its engagement with blockchain technology by extending its tokenized treasury fund, or BUIDL, to the Solana network.
According to a Fortune report on March 25th, this strategic move is designed to modernize money market operations through blockchain integration, enabling continuous, 24/7 availability.
Since its inception, the BlackRock USD Institutional Digital Fund (BUIDL) has rapidly amassed approximately $1.7 billion in assets under management, as reported by data from RWA.xyz.
BUIDL Fund Arrives on Solana Network
The addition of Solana makes it the seventh blockchain network to support BlackRock’s BUIDL fund.
The fund is already operational across a diverse array of leading blockchain platforms, including Ethereum, Aptos, Arbitrum, Avalanche, Optimism, and Polygon, highlighting its commitment to a multi-chain approach.
This development occurred shortly after Franklin Templeton announced its own Solana-based tokenized money market fund, the Franklin OnChain U.S. Government Money Fund (FOBXX).
Currently, Franklin Templeton’s FOBXX is recognized as the third-largest fund in the tokenized money market sector, trailing only BlackRock’s BUIDL and Hashnote’s USYC fund in terms of market capitalization.
$1.7 Billion Fund Expands Blockchain Footprint
A key feature of the BUIDL fund is its always-on, 24/7 operational capability, contrasting sharply with traditional money market funds that adhere to standard business hours.
This uninterrupted accessibility provides cryptocurrency traders with an attractive avenue for generating a yield on their digital assets, offering an interest-bearing alternative to conventional stablecoins like USDT and USDC, which typically do not offer such returns.
Earlier in March, BUIDL achieved a notable landmark, becoming the first tokenized fund originating from a traditional Wall Street institution to surpass the $1 billion asset threshold.
BlackRock Deepens Crypto Push with Tokenization
A representative from Securitize, the tokenization infrastructure provider for BUIDL, anticipates the fund’s assets to exceed $2 billion by early April, underscoring its rapid growth trajectory and investor appeal.
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