Quick take:
- BUIDL boasts over $1.7 billion in accrued cash and treasury bills and expects to cross $2 billion in April.
- The BUIDL fund is tokenised in collaboration with BlackRock’s blockchain partner, Securitize.
- The fund was recently selected to tokenise half of Spark’s $1 billion RWA fund.
BlackRock has expanded its tokenised money market fund, the BlackRock USD Institutional Digital Fund (BUIDL) to the Solana blockchain. The fund is tokenised in collaboration with BlackRock’s blockchain partner Securitize.
The expansion follows BUIDL’s recent selection by Sky subsidiary to tokenise $500 million of the on-chain ledning platform’s $1 billion real-world asset fund, and brings the total in accrued cash and treasuries to $1.7 billion, according to a Dune dashboard by Marcov.
According to a Securitize spokesperson, the company expects BUIDL to cross $2 billion in value by Early April.
BlackRock is not the only traditional finance giant looking to leverage the flexibility of on-chain assets to expand accessibility for its customers. Franklin Templeton, another global asset manager, has also been rapidly expanding its tokenised money market fund across several blockchains, while Figure Markets, launched by SoFi founder Mike Cagney, has received approval from the SEC for an interest-bearing stablecoin.
Commenting on why more investors are flocking to on-chain finance, Lily Liu, president of the Solana Foundation, told Fortune: “Our vision for why on-chain finance adds more value is because you can do more things with those assets on chain than you could if [they’re] sitting in your brokerage account.”
Michael Sonnenshein, COO at Securitize, commented: “We’re making [money market funds] unboring. We are advancing and leapfrogging some of the quote-unquote deficiencies that money markets may have in their traditional formats.”
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