BlackRock’s BUIDL Fund Expands to Solana Amid Growing Tokenization Trend

BlackRock’s tokenized money market fund, BUIDL, has officially expanded to Solana, Securitize announced, reinforcing the investment giant’s deepening involvement in blockchain finance.

With this latest expansion, BUIDL is now accessible across seven blockchains, including Ethereum, Polygon, Aptos, Arbitrum, and Optimism. However, despite its growing adoption, on-chain data from rwa.xyz indicates that only 62 wallets currently hold BUIDL tokens.

Launched in 2023, BUIDL—formally known as the BlackRock USD Institutional Digital Liquidity Fund—combines a short-term yield-generating portfolio of cash and U.S. Treasuries with the efficiency of blockchain for transactions and settlements. The fund has already amassed $1.7 billion in assets and is on track to surpass $2 billion by early April, according to Securitize.

“Institutional adoption of tokenized real-world assets is accelerating, and BUIDL’s expansion to Solana is a testament to that demand,” said Carlos Domingo, co-founder and CEO of Securitize. “Solana’s speed, scalability, and cost efficiency make it an ideal ecosystem for the next phase of BUIDL’s growth.”

Traditional money market funds offer investors a way to earn interest on cash reserves, though they are often subject to banking hours and liquidity restrictions. Blockchain-based alternatives like BUIDL enable 24/7 access, increasing flexibility and usability.

BlackRock is part of a broader movement toward tokenized finance. Franklin Templeton’s tokenized fund currently holds a $692 billion market cap with 558 wallet holders, while Figure Markets recently introduced YLDS, a yield-bearing stablecoin. Other major players in tokenized U.S. Treasuries include Hashnote’s Short Duration Yield Coin (USYC) and Ondo U.S. Dollar Yield.

The tokenized Treasury market has surged nearly sixfold over the past year, recently crossing $5 billion in total market capitalization, according to rwa.xyz.