BlackRock, the world’s largest asset management firm, is expanding its tokenized fund BUIDL onto the Solana (SOL) network.
BlackRock has expanded its blockchain-based money market fund BUIDL to Solana, making it the fund’s seventh supported chain, Fortune reported.
Launched last year on Ethereum, BUIDL was launched to provide US dollar returns to qualified investors through a blockchain-based subscription provided by Securitize Markets, LLC.
BUIDL has been expanded over time to Arbitrum (ARB), Aptos (APT), Avalanche (AVAX), Optimism (OP), and Polygon.
In essence, BUIDL allows investors to hold a fixed value token worth $1 and have daily accrued dividends paid directly to investors’ wallets.
According to Securitize, BUIDL reached a new ATH of $1.7 billion today, up 165% from 30 days ago, and is expected to surpass $2 billion by early April.
“In the year since the launch of BUIDL, we have experienced significant growth in demand for tokenized real-world assets, reinforcing the value of bringing institutional-grade products to the chain. As the market for RWAs and tokenized treasuries gains momentum, extending BUIDL to Solana, a blockchain known for its speed, scalability, and cost efficiency, is a natural next step,” said Carlos Domingo, co-founder and CEO of Securitize.
*This is not investment advice.
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