BlackRock’s BUIDL Expands to Solana Amid Tokenized Money Market Fund Approaching $2B
BlackRock’s tokenized money market fund, BUIDL, has expanded onto the Solana blockchain as its market capitalization nears $2 billion.
Expansion to Solana Blockchain
On March 25, Carlos Domingo, CEO of asset tokenization platform Securitize, announced the integration of BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) onto the Solana network. This marks another significant blockchain expansion for the fund, initially launched on Ethereum in March 2024.
Michael Sonnenshein, COO of Securitize, stated that the fund aims to make traditional off-chain assets more engaging and efficient, addressing shortcomings in conventional money market structures.
BUIDL Nears $2 Billion Market Cap
According to data from RWA.xyz, BUIDL currently leads the tokenized U.S. Treasurys market with a market capitalization of approximately $1.7 billion, representing nearly 34% of the market share.
The fund has experienced rapid growth since its launch, increasing its market cap by 240% since July 2024, when it first reached $500 million. BUIDL tokens are pegged to the U.S. dollar and distribute dividends monthly, having paid out $7 million in dividends as of August 2024.
Multichain Strategy and Market Dominance
BUIDL’s expansion to Solana follows its earlier multichain strategy initiated in November 2024, when it expanded to Aptos, Arbitrum, Avalanche, Optimism, and Polygon. Despite these expansions, Ethereum remains dominant in the tokenized treasury market, holding a 72% market share with a $3.6 billion market cap.
Quick Summary
- BlackRock’s BUIDL expands to Solana blockchain.
- BUIDL’s market cap approaches $2 billion, currently at $1.7 billion.
- Fund initially launched on Ethereum, now available on multiple blockchains.
- BUIDL pays monthly dividends, totaling $7 million as of August 2024.
- Ethereum remains dominant in tokenized treasury markets.
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