The tokenized money market fund Blackrock expanded to blockchain Solana when its market capitalization approaches $ 2 billion.
On March 25, Carlos Domingo, founder and general director of the real assets platform (RWA) Securitize, welcome Solana network for Blackrock USD Institutional Digital Lowid Fund (Buidl). This meant the extension of the tokenized money market fund to another blockchain network.
Blackrock launched Buidl in March 2024 in cooperation with Securitize. In the fortune report, Operational Director of Securitize Michael Sonnenshein said the fund target To be “disturbing” activable assets.
The management said that he is developing some of the deficiencies of monetary markets in its time-honored formats.
Blackrock’s Buidl on market capitalization $ 1.7 billion
RWA DATA Platform RWA.XYZ shows that Blackrock and Buidl Securitize conducts toxicated treasures of the United States in market capitalization. Platform data can be seen that the fund has a market capitalization of $ 1.7 billion and almost 34% market share.
Blackrock’s Buidl reached market capitalization worth $ 1.7 billion. Source: rwa.xyz
Buidl dominates the tokenized list of American Treasurys as a leading resource in its class. Hashnote, Franklin Templeton and ONDO US follow after a tokenized product.
The fund has experienced a significant boost in just seven months. In July 2024, the BUIDL market capitalization reached $ 500 million for the first time. His current market capitalization is a 240% boost from July.
The price of Buidl is set for an American dollar and every month pays dividends a day among investors via Securitize Partnership. From August 2024, the fund paid $ 7 million dividends to owners.
Related: Frax Community approves FRXUSD Stableloin supported by Blackrock’s Buidl
The expansion of Solana Buidl appears over a year since the premiere
The expansion of the tokenized product to the Solana ecosystem appears several months after the product began to be Multichain.
On November 13, the tokenized Money Market Fund, which was initially launched at Ethereum Network, extended to Aptos, Arbitrum, Avalanche, Optimism and Polygon. It was expected that the expansion of the chain would attract more investors to the product.
While the tokenized treasures have expanded to other blockchain, Ethereum still dominates in the asset class. According to RWA.XYZ, treasures based in Ethereum have a market capitalization of $ 3.6 billion, 72% of the market.
Capitalization of the Treasuries market according to Blockchain. Source: rwa.xyz
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