BlackRock Increases Money Market Fund Presence on Solana Blockchain

BlackRock is broadening the accessibility of its money market fund to the Solana network, making it available on a total of seven blockchain networks.

Securitize, a platform for tokenizing real-world assets, which has collaborated with BlackRock, Apollo, and Hamilton Lane to bring tokenized assets on-chain, revealed the extension to Solana (SOL) on Tuesday, March 25, 2025.

This implies that the BlackRock USD Institutional Digital Liquidity Fund, also known as BUIDL, can now be accessed on Ethereum, Aptos, Arbitrum, Optimism, Avalanche, Polygon, and Solana. The company is extending the reach of its tokenized treasury fund's shares to Solana due to the increasing interest in the wider market for tokenized assets.

Launched in March 2024, BUIDL has surpassed $1 billion in assets under management and offers U.S. dollar returns to qualified investors.

The on-chain product benefits from adaptable custody, with current providers including Copper, Anchorage Digital, and Fireblocks. Notably, BUIDL offers daily dividend distributions.

Focusing on speed and cost

The speed and cost-effectiveness of Solana are significant features that investors using BlackRock's money market fund may find appealing.

"As the market for RWAs and tokenized treasuries gains traction, expanding BUIDL to Solana—a blockchain known for its speed, scalability, and cost efficiency—is a logical next step," said Carlos Domingo, co-founder and chief executive officer of Securitize.

Currently, BUIDL holds a market cap of $1.7 billion, outperforming the Hashnote Short Duration Yield Coin at $764 million and Franklin Templeton’s On-Chain U.S. Government Money Fund at $792 million. According to RWA.xyz, BlackRock’s tokenized fund has recorded a substantial $235 million in the last 30 days.

BlackRock’s extension of BUIDL to Solana coincides with the asset manager's launch of its spot Bitcoin exchange-traded fund in Europe. The fund, which was launched in January 2024, is the world’s largest by net assets at over $50 billion, with net inflows of nearly $40 billion.