BlackRock’s tokenized money 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 money market fund’s enlargement to one other 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 property “unboring.”
The chief mentioned they’re advancing a few of the deficiencies of money markets of their conventional codecs.
BlackRock’s BUIDL at $1.7 billion market cap
RWA knowledge platform rwa.xyz reveals 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. Supply: RWA.xyz
BUIDL dominates the Tokenized US Treasurys checklist as the main asset in its class. The tokenized product is adopted by Hashnote, Franklin Templeton and Ondo USDY.
The fund has skilled vital development in simply seven months. In July 2024, BUIDL’s market capitalization first reached $500 million. Its present market capitalization represents 240% development since July.
BUIDL’s value is pegged to the US greenback and pays each day accrued dividends to buyers every month via its Securitize partnership. As of August 2024, the fund had paid its holders $7 million in dividends.
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BUIDL’s Solana enlargement comes over 1 12 months 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 money market fund, which was initially launched on the Ethereum community, expanded to Aptos, Arbitrum, Avalanche, Optimism and Polygon. The chain enlargement was anticipated to appeal to extra buyers to the product.
Whereas tokenized Treasurys have expanded to different blockchains, Ethereum continues to dominate the asset class. In accordance to RWA.xyz, Ethereum-based treasuries have a market capitalization of $3.6 billion, 72% of the market.
Tokenized treasuries market capitalization by blockchain. Supply: RWA.xyz
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