Markets, Buidl, Securitize, Solana The fund now has $1.7 billion in property and is unfold throughout seven totally different blockchains as BlackRock expands its presence within the crypto area.
BlackRock’s tokenized cash market fund, BUIDL, has grow to be obtainable on Solana, Securitize announced, marking one other step within the asset supervisor’s push into blockchain-based finance.
The growth makes BUIDL obtainable on seven blockchains, together with Ethereum, Polygon, Aptos, Arbitrum and Optimism. Only 62 wallets at the moment maintain BUIDL on-chain, nevertheless, in response to rwa.zyz data.
The fund, formally the BlackRock USD Institutional Digital Liquidity Fund, combines a short-term yield-bearing portfolio of money and U.S. Treasuries with the settlement and switch capabilities of blockchain. Since its introduction on Ethereum in 2023, the fund has drawn in $1.7 billion and is on monitor to cross $2 billion by early April, in response to Securitize.
“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,” mentioned Carlos Domingo, co-founder and CEO of Securitize, in an announcement. “As the market for RWAs and tokenized treasuries gains momentum, expanding BUIDL to Solana—a blockchain known for its speed, scalability, and cost efficiency—is a natural next step.”
Money market funds usually enable traders to earn curiosity on idle money, however they arrive with buying and selling limitations comparable to restricted working hours. Blockchain variations like BUIDL enable for fixed entry.
BlackRock isn’t alone. Franklin Templeton provides an analogous tokenized fund that at the moment has a $692 billion market capitalization and 558 holders, and Figure Markets lately launched YLDS, an interest-bearing stablecoin. Other main tokenized treasury funds embody the Hashnote Short Duration Yield Coin (USYC) and Ondo U.S. Dollar Yield.
The tokenized Treasury market is likely one of the fastest-growing sectors amongst tokenized property, rising almost sixfold over the previous yr and lately crossing $5 billion in market capitalization, rwa.xyz data show.
CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data Read More