Securitize announced that BlackRock's tokenized money market fund BUIDL is now available on the Solana platform, marking the fund's next step in embracing blockchain-based financial technology.

The extension makes BUIDL available on seven different blockchains, including Ethereum, Polygon, Aptos, Arbitrum, and Optimism. However, according to rwa.zyz, only 62 wallets currently store BUIDL on the blockchain.

The fund, officially called the BlackRock USD Institutional Digital Liquidity Fund, combines a short-term income portfolio of cash and U.S. Treasuries with blockchain-powered settlement and remittance capabilities. The fund has raised $1.7 billion since launching on Ethereum in 2023 and is expected to surpass the $2 billion mark by early April, according to Securitize.

“In the year since BUIDL launched, we’ve seen a significant increase in interest in tokenized real-world assets, validating the importance of bringing institutional products to the blockchain,” said Carlos Domingo, co-founder and CEO of Securitize, in a statement. “As the RWA and tokenized treasury market continues to mature, expanding BUIDL to Solana — a blockchain known for its speed, scalability, and cost efficiency — is a natural next step.”

Money market funds typically allow investors to earn interest on their available cash, but they have trading restrictions such as limited hours. Blockchain versions such as BUIDL provide continuous access.

BlackRock isn’t the only player in this market. Franklin Templeton offers a similar tokenized fund that currently has a market cap of $692 billion and 558 holders, and Figure Markets recently introduced YLDS, an interest-bearing stablecoin. Other major tokenized treasury funds include Hashnote Short Duration Yield Coin (USYC) and Ondo US Dollar Yield.

According to rwa.xyz, the tokenized treasury bond market is one of the fastest growing sectors among tokenized assets, having grown nearly sixfold in the last year and recently reaching over $5 billion in market cap.

Source: cryptonews.net