BlackRock Expands $1.7B Tokenized Treasury Fund to Solana, Boosting 24/7 Market Access
BlackRock is taking a major step to reshape money markets by integrating blockchain technology and offering around-the-clock accessibility with its tokenized treasury fund. The financial giant has now expanded its BlackRock USD Institutional Digital Fund (BUIDL) to Solana, making it the seventh blockchain platform to support the fund. The move highlights BlackRock’s continued push into the crypto space and its vision for transforming traditional finance with blockchain.
Since its launch, the BUIDL fund has attracted $1.7 billion in assets under management, and it is expected to surpass $2 billion in early April, according to data from RWA.xyz. The fund, which operates 24/7, offers crypto traders a yield-generating alternative to non-interest-bearing stablecoins like USDT and USDC. This is a significant advantage over traditional money market funds, which are limited to business hours.
The BUIDL fund, already operating on Ethereum, Aptos, Arbitrum, Avalanche, Optimism, and Polygon, has now added Solana to its list of supported blockchains. The integration follows a similar move by Franklin Templeton, which recently launched its tokenized money market fund, the Franklin OnChain U.S. Government Money Fund (FOBXX), on Solana. Franklin’s tokenized fund currently ranks as the third-largest, just behind BlackRock’s BUIDL and Hashnote’s USYC fund.
The expansion of BlackRock’s BUIDL fund is a part of its broader strategy to strengthen its presence in crypto markets. Earlier this year, BlackRock launched its spot-Bitcoin ETF, which has already attracted nearly $40 billion in investments, according to crypto analytics firm SoSoValue.
Securitize, the tokenization provider for BUIDL, has been key to this expansion. In January, the firm integrated with Solana, aiming to increase the adoption of tokenized real-world assets. Solana’s technology provides the infrastructure needed to support the fund’s growing operations.
BlackRock’s growing involvement in digital assets signals a larger trend toward the tokenization of financial assets. As BlackRock CEO Larry Fink said in January, “ETFs are step one in the technological revolution in financial markets. Step two is going to be the tokenization of every financial asset.”
With the launch of its Solana-backed BUIDL fund, BlackRock is further cementing its role as a leader in the evolving world of tokenized finance.
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