The post BlackRock Expands $1.7B Tokenized Money Market Funds to Solana appeared on BitcoinEthereumNews.com.

BlackRock has launched its blockchain-based treasury funds on the Solana network, expanding accessibility to the $1.7 billion financial product. BlackRock’s technological partner, Securitize, announced today that the $11.6 trillion AUM asset manager is expanding its asset tokenization agenda to the Solana network. Per an exclusive report by Fortune, the BlackRock USD Institutional Digital Fund (BUIDL) is now available on Solana. The institution-grade, blockchain-based money market funds bring traditional US dollar yield on-chain, presenting eligible investors with tokenized versions of the instrument. Notably, Solana becomes the seventh network where users can access BUIDL, which is already available on Ethereum, Optimism, Aptos, Avalanche, Arbitrum, and Polygon. For context, BUIDL launched in March 2024 and has accumulated $1.7 billion in assets under management (AUM), domiciled in cash and Treasury bills. With the growing traction, market observers expect the fund to hit $2 billion in April. $1.7B Tokenized Treasury Funds Launch on Solana Solana’s swift transactional acumen and cheap fees have been its major lure, threatening Ethereum’s dominance. Institutions are beginning to maximize these qualities, evident in the increasing traction to the blockchain. BlackRock’s tokenized fund integration into Solana follows a similar ploy by financial titan Franklin Templeton. Particularly, the prominent asset manager launched the Franklin Onchain US Government Money Fund (FOBXX) on the Solana network in February. Notably, the $694 billion fund is the third-largest blockchain-based money market, just below BUIDL and Hashnote’s USYC fund. Securitize COO Michael Sonnenshein stated that expanding tokenized treasuries to blockchain makes them “unboring.” Citing the time constraints of the traditional market, he noted that on-chain integration gives investors 24/7 access to the funds while increasing convenience. BlackRock Expands Crypto Footprint Meanwhile, BlackRock’s BUIDL launch on Solana is part of the asset manager’s plan to expand its footprint in the crypto space. Last year, the $11.6 trillion asset…

---

Filed under: News - @ March 25, 2025 9:27 pm