Buidl, BlackRock’s tokenized money market fund, is now available in Solana, announced by Securitize, marking another step in pushing for blockchain-based finance.
This expansion will make Buidl available on seven blockchains: Ethereum, Polygon, Aptos, Kinkai, and Optimism. According to data from RWA.zyz, only 62 wallets currently hold Buidl on-chain.
The fund is officially the BlackRock USD Institutional Digital Ryutisity Fund, combining blockchain settlement and transfer capabilities with a portfolio that supports cash and the US Treasury’s short-term yield. According to Securitize, the fund has been withdrawn for $1.7 billion since Ethereum was introduced in 2023, and has been on track to surpass $2 billion by early April.
“Since the launch of Buidl, the demand for real-world assets for tokenization has increased dramatically, strengthening the value of supplying institutional grade products in chains,” Carlos Domingo, co-founder and CEO of Securitize, said in a statement. “The next step will become natural as RWA and tokenized Treasury markets gain momentum and expand Buidl, a blockchain known for its speed, scalability and cost-effectiveness, into Solana.”
Money market funds usually allow investors to earn Idol Cash interest, but there are trading restrictions, such as limited business hours. Blockchain versions such as Buidl allow for constant access.
Blackrock isn’t alone. Franklin Templeton currently offers a similar tokenized fund with a market capitalization of $692 billion and 558 holders, and the figure market recently launched YLDS, a stablecoin with interest. Other major tokenized financial funds include Hasnote’s Short Duration Coin (USYC) and Ondo US Dollar Yield.
The tokenized Treasury is one of the fastest growing sectors of tokenized assets, growing almost six times over the past year, and has recently surpassed its $5 billion market capitalization.
