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BlackRock Brings $1.7B Tokenized Treasury Fund to Solana
In a significant move, financial giant BlackRock has announced the launch of its tokenized treasury fund, known as the BlackRock USD Institutional Digital Fund or BUIDL, on the Solana blockchain platform. This comes after surpassing $1 billion in assets under management earlier this month, marking a milestone for a Wall Street institution.
According to reports, the BUIDL fund has accumulated an impressive $1.7 billion since its inception and is expected to exceed $2 billion in early April. The tokenized treasury fund’s success reflects BlackRock’s growing presence in the crypto markets, including the launch of its spot-Bitcoin ETF in January 2024.
The expansion aims to bring 24/7 accessibility to investors, a key advantage over traditional money market funds limited by business hours. This move is expected to have far-reaching implications for the financial sector, providing a yield-generating alternative to non-interest-bearing stablecoins like USDT and USDC.
Solana Foundation President Lily Liu emphasized the potential benefits of on-chain finance, stating that it allows users to “do more things with those assets on chain than you could if [they’re] sitting in your brokerage account.” This sentiment aligns with BlackRock’s vision for a technological revolution in financial markets, as CEO Larry Fink noted during an interview.
Source: https://cryptobriefing.com/blackrock-tokenized-treasury-solana/
