BlackRock, a major investment management firm, is expanding its BUIDL digital money market fund to five new blockchain networks. This move significantly increases the fund’s reach and accessibility.
BUIDL Goes Multi-Chain
The expansion includes the layer-1 blockchains Aptos and Avalanche, and the layer-2 scaling solutions Arbitrum, Optimism, and Polygon. This means developers, DAOs, and other crypto companies can now use BUIDL on a wider variety of platforms.
What is BUIDL?
BUIDL, short for BlackRock USD Institutional Digital Liquidity Fund, is a tokenized money market fund. It aims to maintain a stable $1 value per token while generating returns through investments in US Treasuries. The fund launched in March.
Expanding the Ecosystem
Securitize, BlackRock’s brokerage partner, highlighted the expansion’s importance. Their CEO, Carlos Domingo, stated that this growth will attract more investors and improve efficiency in areas previously hindered by limitations. The expansion is seen as a significant step in the scaling of real-world asset tokenization.
Future Implications
BlackRock has reportedly been in talks with several major crypto exchanges about using BUIDL as collateral for derivatives trading. This expansion suggests BlackRock is serious about increasing BUIDL’s presence and utility within the broader crypto ecosystem.
