BlackRock Expands Tokenized Fund BUIDL to Solana
BlackRock, the asset management giant, continues its foray into the world of digital assets by expanding its tokenized money market fund, BUIDL, to the Solana blockchain. After launching on Ethereum in 2023, this hybrid investment vehicle, backed by cash and US Treasury bonds, is now deployed on seven networks: Ethereum, Polygon, Aptos, Arbitrum, Optimism, Avalanche, and Solana. This choice reflects the growing ambition of institutional players to establish themselves in the Web3 ecosystem.
The fund, officially named BlackRock USD Institutional Digital Liquidity Fund, now has $1.7 billion in assets under management, with projections targeting $2 billion by April. Despite this impressive volume, only 62 wallets currently hold on-chain shares, according to rwa.xyz data. This statistic reveals the still nascent nature of widespread institutional adoption.
Solana: A Technical and Symbolic Choice
The deployment on Solana is not insignificant. The blockchain stands out for its speed, scalability, and low transaction costs, making it particularly attractive for hosting high-volume financial products. Carlos Domingo, CEO and co-founder of Securitize, BlackRock’s partner in issuing BUIDL, notes that “the rise of tokenized real-world assets confirms the increasing interest in blockchain-native institutional products.”
BUIDL allows holders to benefit from the secure yield of Treasury bonds while accessing a continuous settlement infrastructure without the time constraints of traditional markets. It is this convergence of yield, liquidity, and accessibility that makes the model so disruptive.
A Fierce Competition in the Tokenized Treasury Market
BlackRock is not alone in tapping into this market. Franklin Templeton offers an equivalent product with a market capitalization of $692 billion and over 550 holders. Meanwhile, Figure Markets recently launched YLDS, a yield-bearing stablecoin, while Ondo Finance and Hashnote also market their own versions of “tokenized Treasury bonds” through USYC or USDY.
In just one year, this rapidly growing market has multiplied sixfold, now amounting to over $5 billion. For asset managers, the opportunity is twofold: capturing dormant flows in search of yield and offering investors a more fluid and programmable alternative to traditional funds.
A Silent Yet Irreversible Transformation
The development of BUIDL illustrates a fundamental trend: the tokenization of traditional assets is becoming a force to be reckoned with in global finance. For BlackRock, this is no longer a mere technological gamble but a strategic positioning to capture future flows. The bridge between Wall Street and the blockchain is consolidating—one portfolio at a time.
