BlackRock’s BUIDL Launches On Solana Signaling Rising Institutional Adoption

Solana is now home to the largest yield-bearing tokenized treasury following the launch of a new share class on the network. According to a press release, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) has extended support to Solana, pushing the frontier for traditional money market funds.

BUIDL Expands To Solana As It Eyes Expansion

One year after BlackRock and Securitize teamed up to roll out BUIDL, the blockchain-based money market fund has made its Solana debut. Securitize announced the development in a press release, noting the rollout of a new share class on Solana.

Following the expansion, BUIDL investors can now use the tokenized fund across Solana’s ecosystem. Securitize and BlackRock are eyeing lower transaction costs and instant settlements associated with the Solana network.

“As the market for RWAs and tokenized treasuries gains momentum, expanding BUIDL to Solana – a blockchain known for its speed, scalability, and cost efficiency – is a natural step,” said Securitize CEO Carlos Domingo.

Solana Foundation President Lily Liu stated in a press release that Solana will offer BUIDL a balance between innovation and operational efficiency. Liu cited Solana’s rising network metrics and active developer ecosystem as key reasons for the network to power the next wave of real-world assets (RWA).

BUIDL, with $1.7 billion AUM, has to stave off competition from Fidelity’s Treasury Digital Fund currently eyeing an OnChain share class on Ethereum.

Solana’s Institutional Adoption Surges To New Levels

Several institutions are tapping Solana for integrations to improve the scope of their offerings. Polymarket joined the fray with an announcement enabling SOL deposits of the prediction markets platform. Before Polymarket’s announcement, users could only fund their accounts via Circle’s stablecoin offering, USDC.

A wave of Solana exchange-traded funds (ETFs) are angling to flood the markets, a clear indicator of rising institutional appetite.

Following the BUIDL announcement, SOL currently trades at $144, sparking enthusiasm for a potential Ethereum flippening. However, daily trading volume has waned to settle down at $3.35 billion following the frantic exchange following Polymarket’s integration.

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Aliyu Pokima

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