BlackRock Expands BUIDL Fund to Include Solana (SOL)

BlackRock has expanded its tokenized money market fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), to the Solana blockchain, marking another step in the firm’s push to extend its tokenized money market fund.

The move, announced by Securitize, introduces a new share class of BUIDL on Solana, adding to its growing presence across multiple blockchain networks.

BlackRock Adds Solana Support for Its $1.7B Tokenized Money Market Fund

BUIDL was launched in March 2024 as BlackRock’s first tokenized fund issued on a public blockchain. It offers qualified investors on-chain access to U.S. dollar yields with daily dividend payouts and near real-time peer-to-peer transfers.

The fund primarily holds U.S. Treasury bonds and cash, combining traditional finance with blockchain-based settlement and transfer capabilities.

Initially launched on Ethereum, BUIDL has since expanded to seven blockchains, including Aptos, Arbitrum, Avalanche, Optimism, Polygon, and now Solana.

Expanding to Solana provides investors with additional flexibility, leveraging the blockchain’s low fees, high throughput, and fast settlement times.

The integration is facilitated through Wormhole, ensuring cross-chain interoperability for seamless and secure token transfers.

“In the year since BUIDL’s launch, we’ve experienced significant growth in demand for tokenized real-world assets, reinforcing the value of bringing institutional-grade products on-chain,” said Carlos Domingo, co-founder and CEO of Securitize.

“Expanding BUIDL to Solana—a blockchain known for its speed, scalability, and cost efficiency—is a natural next step.”

BUIDL continues to gain traction as institutional interest in tokenized finance grows. With its expansion to Solana, BlackRock’s presence in the digital asset space further strengthens, providing investors with more options for on-chain liquidity and access to tokenized treasuries.

BUIDL recently surpassed $1 billion in assets under management, and its total market capitalization has climbed to $1.7 billion.

The fund leads the tokenized U.S. Treasuries market, outpacing competitors such as Franklin Templeton’s On-Chain U.S. Government Money Fund and Hashnote’s Short Duration Yield Coin.

According to RWA.xyz, over the past 30 days, BUIDL has recorded $235 million in inflows, further solidifying its position as the dominant asset in its category.

BlackRock Expands Crypto Offerings with Bitcoin ETP in Europe

As BlackRock deepens its involvement in digital assets, the asset manager has launched a Bitcoin exchange-traded product (ETP) across multiple European stock exchanges.

The iShares Bitcoin ETP began trading on March 25, listing on Xetra, Euronext Amsterdam, and Euronext Paris.

This follows the firm’s dominance in the U.S. market, where its iShares Bitcoin Trust ETF manages over $50.7 billion in assets and holds about 2.73% of Bitcoin’s total supply.

While the U.S. market saw massive inflows into spot Bitcoin ETFs, analysts suggest Europe’s response may be more tempered.

Stephen Wundke, director at Algoz, noted that Europe already offers regulated crypto investment products, making the ETP a convenient option but unlikely to trigger a U.S.-like surge.

BlackRock is positioning itself competitively. It is launching the ETP with a temporary fee waiver that reduces costs to 0.15% until the end of 2025, undercutting competitors like CoinShares’ Physical Bitcoin ETP. This aggressive pricing will challenge rivals while benefiting investors.

Meanwhile, real-world asset (RWA) tokenization is gaining momentum, with total on-chain RWAs surpassing $19.53 billion, according to data from RWA.xyz.. Tokenized private credit leads the sector, followed by U.S. Treasury debt.

Looking forward, as BlackRock strengthens its crypto presence, the growing RWA market might be a massive opportunity for the company and also a broader shift toward blockchain-based financial instruments.

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