BlackRock’s $1.7B Tokenized Fund Lands on Solana

On Tuesday, its technology partner, Securitize, announced that BlackRock’s blockchain-based money market fund, BUIDL, is expanding to Solana.

This move follows the launch of BlackRock’s USD Institutional Digital Fund last year. It signals the firm’s deepening interest in tokenized funds.

BUIDL Revolutionizes Money Market Funds with Blockchain Efficiency

BUIDL takes traditional money market funds—short-term investment vehicles for parking cash and earning yield—and merges them with blockchain’s transparency and efficiency. Initially launched on Ethereum, BUIDL is now available on seven blockchains, including Solana. The fund has already racked up $1.7 billion in cash and Treasury bills and is on track to hit $2 billion by early April, according to Securitize.

“We’re making them unboring,” said Securitize COO Michael Sonnenshein. He explained that blockchain technology allows money market funds to overcome traditional hurdles, such as limited trading hours. Traditional funds operate only during business hours, but crypto markets never sleep. Investors need the ability to move funds instantly, especially in fast-moving markets.

Tokenization Transforms Finance with Yield-Generating Blockchain Assets

BlackRock’s move reflects a broader trend in finance: tokenization. This process brings off-chain assets—like stocks and bonds—onto blockchain networks, making transactions faster and more efficient. Other financial giants are following suit. Franklin Templeton has launched its blockchain-based money market fund, while Figure Markets recently received SEC approval for an interest-bearing stablecoin.

Historically, crypto traders seeking a haven have used stablecoins like USDT and USDC. While these tokens offer price stability, they don’t generate yield. That’s where products like BUIDL come in, offering both security and returns. “Our vision for why on-chain finance adds more value is because you can do more things with those assets on chain than you could if [they’re] sitting in your brokerage account,” said Lily Liu, president of the Solana Foundation.

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