BlackRock expanded its blockchain fund BUIDL to Solana, adding to its growing multi-chain strategy.
The fund offers on-chain yield and 24/7 accessibility, aiming to improve on traditional money market limitations.
With nearly $2B in assets, BUIDL reflects BlackRock’s broader push toward tokenizing traditional finance.
BlackRock just made another bold move in the crypto world. The massive asset manager has now added its blockchain-based money market fund — known as BUIDL — to Solana, stepping further into the digital asset space. The update came via its tech partner Securitize, and yeah, it’s kind of a big deal.
The fund originally launched on Ethereum, but now it’s spreading out — seven blockchains and counting, with Solana being the newest on the list. It’s a smart move, too, especially considering Solana’s been making noise as a faster, cheaper alternative to Ethereum.
The expansion isn’t just about throwing tech buzzwords around. It’s part of a bigger BlackRock strategy — they’re clearly trying to make blockchain and tokenized finance a little less intimidating for regular investors.
At the moment, the BUIDL fund has racked up about $1.7 billion, and it’s on track to cross $2 billion sometime in early April. Not bad for a product that lives in the crypto space but plays it safe.
Securitize’s COO Michael Sonnenshein said it best: “We’re making them unboring.” He added that the fund is skipping past a lot of the limitations that traditional money markets still wrestle with. It’s not just about innovation — it’s about function.
24/7 Markets Need 24/7 Options
Traditional money markets run during regular ol’ business hours. But crypto? That thing’s always on. There’s no closing bell. BlackRock’s fund was built to reflect that, offering a kind of yield-bearing, blockchain-native solution that actually keeps up with the pace of the space.
One more thing — stablecoins like USDT and USDC might be useful, but they don’t offer any yield. You’re just holding them. This fund? It tries to fill that void by giving investors a shot at earning yield while still keeping their assets on-chain. Kinda the best of both worlds.
Solana’s Not Just a Test Run
This isn’t just a random experiment with a trendy chain. Solana’s got momentum — speed, low fees, growing dev community — and now it has BlackRock’s attention. That’s not nothing.
But don’t forget, BlackRock isn’t doing this in isolation. Franklin Templeton and Figure Markets are also deep in the tokenized space, each launching similar products to tackle the same core problem: how to bring more structure (and maybe even regulation) to crypto without killing what makes it interesting.
It’s All Part of the Bigger Plan
This isn’t some side project. In fact, BlackRock’s January 2024 spot Bitcoin ETF has already pulled in close to $40 billion, which shows how serious they are about long-term crypto exposure.
CEO Larry Fink made it crystal clear: ETFs are just the beginning. The next phase? Tokenizing everything. Real estate, bonds, money markets — you name it.
“Step two is going to be the tokenization of every financial asset,” Fink said. Big claim, but he seems pretty locked in.
The Case for On-Chain Finance
Lily Liu, president of the Solana Foundation, echoed a similar sentiment. She pointed out that having assets on-chain doesn’t just give you ownership — it gives you flexibility.
“You can do more things with those assets on-chain than if they’re just sitting in a brokerage account,” she said.
And she’s not wrong. It’s not just about yield or liquidity — it’s about access, programmability, and being part of a system that doesn’t sleep.
Where This All Might Be Headed
BlackRock’s push deeper into crypto, especially with Solana in the mix, is another sign that institutional walls are coming down. Slowly, but steadily. They’re not just dipping toes anymore — they’re building infrastructure, launching products, and positioning themselves for a tokenized future.
Whether that future plays out exactly the way they expect is still TBD. The market’s volatile, the regulation’s complicated, and there’s no shortage of critics. But it’s clear that the biggest names in finance are no longer sitting this one out.
