BlackRock's $1.7B BUIDL Fund Expands to Solana via Securitize Partnership

BlackRock Inc. has expanded its blockchain-based money market fund, BUIDL, to the Solana blockchain, making it available on a total of seven chains, including Ethereum and Polygon. The fund, which now holds approximately $1.7 billion in assets, is a collaboration with Securitize, a startup focused on tokenizing real-world assets.

Carlos Domingo, co-founder and CEO of Securitize, stated that expanding BUIDL to Solana is a natural progression due to the blockchain's speed, scalability, and cost efficiency. BUIDL, officially known as the BlackRock USD Institutional Digital Liquidity Fund, combines traditional money market assets like cash and U.S. Treasuries with the capabilities of blockchain technology.

Since its launch on Ethereum in 2023, the fund has experienced significant growth, and Securitize anticipates it will surpass $2 billion in assets by early April. Bank of New York Mellon serves as the fund's cash and securities custodian.

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