BlackRock’s tokenized money market fund, the USD Institutional Digital Liquidity Fund (BUIDL), now offers services on the Solana blockchain because its market capitalization will soon hit $2 billion. BlackRock pushes further into RWA tokenization through digital finance solutions while increasing its market power in the process.

Carlos Domingo as founder and CEO of Securitize accepted Solana into BUIDL”s ecosystem thereby expanding the fund”s reach. BlackRock teamed up with Securitize in March 2024 to create BUIDL which started as an innovation to upgrade money market funds through blockchain technology.

BlackRock’s BUIDL Dominates Market with 34% Share

Securitize”s Chief Operating Officer Michael Sonnenshein indicated to Fortune the fund”s mission to create smoother and broader ways to handle assets outside the blockchain network. He points out BUIDL solves existing problems in money markets while creating a new state-of-the-art investment tool for institutional investors.

Rwa.xyz shows that BUIDL ranks first in tokenized U.S. Treasurys with a leading market position and $1.7 billion worth of assets under management. BUIDL commands 34% of all tokenized US Treasurys which is more than Hashnote, Franklin Templeton and Ondo USDY.

BlackRock’s BUIDL Surges 240%, Expands to Solana Blockchain

Since its start, BUIDL has experienced major growth during the past seven months of operation. The fund experienced a market growth of 240% over seven months until July 2024, making its valuation rise from $500 million.

The fund holders receive daily dividends from US dollars that are redistributed every month because its value stays attached to the U.S. dollar. By August 2024 BUIDL distributed $7 million worth of dividends to its investors.

BUIDL Expands Multichain Support with Solana

The move of BUIDL onto Solana represents another part of its ongoing development towards supporting multiple blockchain systems. In November 2024, the fund started supporting Aptos, Arbitrum, Avalanche, Optimism, and Polygon alongside its Ethereum blockchain launch.

The company targets new audiences and improves user access when it releases tokenized Treasurys onto several blockchain networks.

BlackRock’s BUIDL Surges 240%, Expands to Solana Blockchain

Even as multiple blockchains start handling tokenized U.S. Treasurys now, Ethereum remains the sector leader. RWA.xyz audits show Ethereum-based tokenized treasuries own $3.6 billion worth of financial assets, which makes up about 72% of total market value.

The BUIDL platform now supports Solana because digital asset adoption increases while blockchain technology leads financial transformations. The growing interest from institutional investors motivated BlackRock to push digital asset innovation which could develop a decentralized and effective financial system.