BlackRock’s BUIDL Fund Expands to Solana, Boosting Multichain Tokenization

BlackRock's tokenized money market fund, BUIDL, has expanded its availability to Solana, joining six other blockchains including Ethereum, Polygon, Aptos, Arbitrum, and Optimism. The fund, which combines a yield-bearing portfolio of cash and U.S. Treasuries with blockchain settlement capabilities, has already drawn $1.7 billion since its launch on Ethereum in 2023 and is expected to cross $2 billion by early April. According to Securitize, the firm behind the expansion, the move to Solana is a natural progression given the blockchain’s reputation for speed, scalability, and cost efficiency. This expansion reflects a broader trend toward institutional-grade tokenized assets and real-world assets (RWAs) on-chain, following significant growth in demand over the past year. With only 62 wallets currently holding on-chain positions in BUIDL, the strategic rollout to multiple blockchains is likely intended to enhance liquidity and accessibility, further propelling the move towards integrating traditional finance with blockchain technology. Similar tokenized products from other asset managers bolster the trend as the tokenized Treasury market continues to grow rapidly, recently exceeding $5 billion in market capitalization.