BlackRock's BUIDL Fund Expands to Solana, Surpasses $1.7 Billion AUM
BlackRock's tokenized money market fund, BUIDL, has expanded to the Solana blockchain, marking its seventh supported platform. The fund, launched in March 2024 with Securitize, now holds over $1.7 billion in assets under management (AUM), a 240% increase from its July 2024 market cap of $500 million.
Securitize CEO Carlos Domingo called the Solana expansion a 'natural next step' as demand for tokenized real-world assets continues to rise. The Solana Foundation's President, Lily Liu, praised the network's speed, low costs, and developer activity, saying it makes it well-suited for tokenized assets.
BUIDL leads the tokenized U.S. Treasury sector with a 34% market share, followed by Hashnote, Franklin Templeton, and Ondo USDY, according to RWA.xyz data. The fund allows investors to earn returns on idle cash through short-term yield-bearing instruments like U.S. Treasurys.