BlackRock Expands Its Tokenized Money Market Fund to Solana

BlackRock has made another big move in digital finance, this time by expanding its token money market fund, the BlackRock USD Institutional Digital Liquidity Fund

BlackRock, a well-known name in the financial industry, has made another move in digital finance by expanding its token money market fund, also known as BUIDL, to the Solana blockchain. This fund, launched in partnership with Securitize earlier this year, is designed to provide institutions with a way to put idle cash to work around the clock.

The launch on Solana comes as the market capitalization of BlackRock’s BUIDL has reached around $1.7 billion, making it a leading tokenized U.S. Treasury product. The fund, which was launched with Securitize in March 2024, is designed to provide institutions with a way to put idle cash to work around the clock.

"We are excited to continue expanding the availability of the BlackRock USD Institutional Digital Liquidity Fund to provide institutions with seamless access to liquidity and yield-generating strategies throughout the day and across multiple blockchains," said a spokesperson for BlackRock.

This new offering from BlackRock and Securitize is already making waves in the industry. The initiative combines cash and U.S. Treasuries in a profit-generating portfolio, which is accessible 24/7 and offers daily dividends.

"We’re thrilled to see the rapid adoption of the BlackRock USD Institutional Digital Liquidity Fund on seven blockchains," said Carlos Domingo, CEO of Securitize. "Solana's speed and cost-effective transactions are a perfect fit for this groundbreaking fund."

The fund is also available on four other chains: Ethereum, Aptos, and Arbitrum. The strategic Solana expansion is set to broaden the fund's reach even further.

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As the world's largest asset manager continues to expand its footprint in the digital assets landscape, this move also signifies the growing interest of institutions in the blockchain industry.

Moreover, this initiative will also enhance Solana's reputation as a stable platform for institutional-grade finance products and may lead to increased adoption by other major entities. As more asset managers explore blockchain solutions, BUIDL's success will serve as a testament to the Solana blockchain.