BlackRock and Securitize Raise $1.7B Tokenized Money Market Fund on Solana Platform
The fund currently has $1.7 billion in assets spread across seven different blockchains as BlackRock expands its presence in the cryptocurrency sector.
Francisco Rodriguez, Christian Sandor | Edited by Sheldon Reback Updated Mar 25, 2025 1:56 PM UTC Published Mar 25, 2025 1:27 PM UTC
Basic information:
- BlackRock's BUIDL fund is now live on the Solana blockchain after debuting on Ethereum last year.
- The tokenized fund holds $1.7 billion in cash and US Treasury bonds, and is expected to exceed $2 billion by April.
- The expansion reflects the growing adoption of blockchain-based financial products by major asset managers.
Securitize announced that BlackRock's tokenized money market fund BUIDL has become available on the Solana platform, marking another step in the company's push into blockchain finance.
This extension makes BUIDL available on seven blockchains, including Ethereum, Polygon, Aptos, Arbitrum, and Optimism. However, according to rwa.zyz, only 62 wallets currently store BUIDL on the blockchain.
The fund, formally known as the BlackRock USD Institutional Digital Liquidity Fund, combines a short-term income portfolio of U.S. cash and Treasury bonds with blockchain-based settlement and remittance capabilities. Since its launch on Ethereum in 2023, the fund has raised $1.7 billion and is on track 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, highlighting the value 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 renowned for its speed, scalability, and cost-effectiveness — is a logical next step.”
Money market funds typically allow investors to earn interest on idle cash, but they have trading restrictions such as limited hours. Blockchain versions such as BUIDL provide constant access.
BlackRock isn’t alone in this. Franklin Templeton offers a similar tokenized fund that currently has a market cap of $692 billion and 558 holders, and Figure Markets recently launched 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 segments among tokenized assets, having grown nearly sixfold in the last year and recently surpassing $5 billion in market cap.
