Source: Cointelegraph Original: "{title}"
BlackRock's tokenized money market fund has expanded to the Solana blockchain, with a market capitalization nearing $2 billion.
On March 25, 2025, Carlos Domingo, founder and CEO of the real-world asset (RWA) tokenization platform Securitize, welcomed the Solana network to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). This marks the expansion of the tokenized money market fund into another blockchain network.
BlackRock launched BUIDL in March 2024 in collaboration with Securitize. In a report by Fortune, Securitize's Chief Operating Officer Michael Sonnenshein stated that the fund aims to make off-chain assets "no longer dull and boring."
The executive mentioned that they are pushing to address some of the shortcomings present in traditional money markets.
According to the RWA data platform rwa.xyz, BlackRock and Securitize's BUIDL leads in the market capitalization of tokenized U.S. Treasury bonds. The platform indicates that the fund's market capitalization is $1.7 billion, with a market share of nearly 34%.
BlackRock's BUIDL market capitalization reaches $1.7 billion. Source: RWA.xyz
BUIDL dominates the list of tokenized U.S. Treasury bonds, being the leading product in this asset class. Following closely are Hashnote, Franklin Templeton, and Ondo USDY.
The fund has achieved significant growth in just seven months. In July 2024, BUIDL's market capitalization first surpassed $500 million. The current market capitalization has increased by 240% since July.
BUIDL is pegged to the dollar and pays investors daily accumulated dividends monthly through its partnership with Securitize. As of August 2024, the fund has paid $7 million in dividends to holders.
This tokenized product entering the Solana ecosystem marks its move towards multi-chain capabilities that began a few months ago.
On November 13, 2024, this tokenized money market fund, initially launched on the Ethereum network, expanded to Aptos, Arbitrum, Avalanche, Optimism, and Polygon. This chain expansion is expected to attract more investors to the product.
Although tokenized Treasury bonds have expanded to other blockchains, Ethereum still dominates this asset class. According to RWA.xyz, the market capitalization of Treasury bonds on Ethereum is $3.6 billion, accounting for 72% of the market.
Market capitalization of blockchain tokenized Treasury bonds. Source: RWA.xyz
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