BlackRock’s tokenized cash market fund has expanded to the Solana blockchain as its market capitalization approaches the $2 billion mark.
On March 25, Carlos Domingo, the founder and CEO of real-world asset (RWA) tokenization platform Securitize, welcomed the Solana community to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). This marked the tokenized cash market fund’s enlargement to a different blockchain community.
BlackRock launched BUIDL in March 2024 in partnership with Securitize. In a Fortune report, Securitize chief working officer Michael Sonnenshein mentioned the fund aims to make offchain belongings “unboring.”
The government mentioned they’re advancing among the deficiencies of cash markets of their conventional codecs.
BlackRock’s BUIDL at $1.7 billion market cap
RWA knowledge platform rwa.xyz exhibits that BlackRock and Securitize’s BUIDL leads the Tokenized United States Treasurys in market capitalization. The platform’s knowledge shows that the fund has a market capitalization of $1.7 billion and a virtually 34% market share.
BlackRock’s BUIDL reached a $1.7 billion market cap. Source: RWA.xyz
BUIDL dominates the Tokenized US Treasurys record because the main asset in its class. The tokenized product is adopted by Hashnote, Franklin Templeton and Ondo USDY.
The fund has skilled important progress in simply seven months. In July 2024, BUIDL’s market capitalization first reached $500 million. Its present market capitalization represents 240% progress since July.
BUIDL’s worth is pegged to the US greenback and pays day by day accrued dividends to buyers every month by means of its Securitize partnership. As of August 2024, the fund had paid its holders $7 million in dividends.
Related: Frax community approves frxUSD stablecoin backed by BlackRock’s BUIDL
BUIDL’s Solana enlargement comes over 1 yr since launch
The tokenized product’s enlargement into the Solana ecosystem comes months after the product started to go multichain.
On Nov. 13, the tokenized cash market fund, which was initially launched on the Ethereum community, expanded to Aptos, Arbitrum, Avalanche, Optimism and Polygon. The chain enlargement was anticipated to draw extra buyers to the product.
While tokenized Treasurys have expanded to different blockchains, Ethereum continues to dominate the asset class. According to RWA.xyz, Ethereum-based treasuries have a market capitalization of $3.6 billion, 72% of the market.
Tokenized treasuries market capitalization by blockchain. Source: RWA.xyz
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