Blaidl’s Buidl expands to Solana while Tokenized Money Market Fund is close to $ 2B
Blackrock’s tokenized money market fund expanded to the Solana Blockchain as market capitalization approaches the $ 2 billion marks.
On March 25, Carlos Domingo, the founder and CEO of the Real-World Asset (RWA) tokenization platform Securitize, accepted The Solana network on the Blackrock USD Institutional Digital Liquidity Fund (BUIDL). It has marked the expansion of the tokenized Money Market Fund to another blockchain network.
Blackrock Buidl launched in March 2024 In cooperation with securitize. In a Fortune report, Chief Operating Officer Michael Sonnenshein said the funding Purpose To make offchain possession of “Unboring.”
The executive said they would advance some of the shortage of currency markets in their traditional formats.
BlackRock’s Buidl to $ 1.7 Billion Market Cap
RWA.xyz’s RWA.xyz data platform shows that Blackrock and Securitize’s Buidl lead the United States tokenized treasurys in market capitalization. The platform data Shut up That the funds have a market capitalization of $ 1.7 billion and almost 34% of the market.
Buidl’s Buidl reached a $ 1.7 billion market cap. Source: rwa.xyz
Buidl is leading the tokenized US Treasurys list as the leading class owner. The tokenized product is followed by hashnote, Franklin Templeton and Ondo Usdy.
The fund has experienced significant growth in just seven months. In July 2024, the capitalization of the Buidl market First up to $ 500 million. The current capitalization of the market represents 240% growth since July.
Buidl’s price is on the US dollar and paying daily -accumulated dividends to investors each month by working together. In August 2024, the fund was paid holders of $ 7 million in dividends.
Related: The Frax Community approved FRXUSD Stablecoin -Back of BlackRock’s Buidl
Buidl Solana expansion has arrived within 1 year since launched
Expanding tokenized product in Solana’s ecosystem will come months after product started to go multichein.
On November 13, the tokenized Money Market Fund, which was first launched on the Ethereum Network, expanded to Aptos, Arbitrum, Avalanche, Optimism and Polygon. The expansion of the chain is expected to attract more investors to the product.
While tokenized treasurys expanded to other blockchains, Ethereum continued to dominate the asset class. According to RWA.XYZ, Ethereum -based treasury has a market capitalization of $ 3.6 billion, 72% of the market.
Tokenized Treasuries Market capitalization of blockchain. Source: rwa.xyz
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