$BTC BlackRock, the world’s largest asset manager, continues to expand its crypto footprint. On Tuesday, the firm’s technology partner Securitize announced that BlackRock is adding its blockchain-based money market fund to Solana, the fast-growing Ethereum challenger. The move comes a year after the finance giant launched the BlackRock USD Institutional Digital Fund. BUIDL takes traditional money market funds—which serve as short-term places to park cash and earn yield—and combines it with the ledger and payment properties of blockchain.
Crypto-savvy investors can park their BUIDL funds now on seven blockchains, including Solana. Initially launched on Ethereum, BlackRock’s tokenized money market fund has attracted a steady inflow of capital.
This comes as part of a broader push in the financial sector to embrace tokenization, a term that describes taking financial assets that exist “off chain,” like paper bonds or stocks, and recording their existence “on chain,” or on a blockchain. BUIDL has accrued $1.7 billion—in cash and Treasury bills—as of Tuesday and will cross $2 billion in early April, said a spokesperson for Securitize.