BlackRock

Yield

Avalanche

Solana

<p>BlackRock's tokenized money market fund, <a href="https://x.com/search?q=%24BUIDL&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BUIDL</a>, now has a market capitalisation above $2 billion, according to data from RWA.xyz. The spread of those assets across blockchains is less obvious than the headline figure suggests.</p>
<h2 id="solana-leads-avalanche-second">Solana leads, Avalanche second</h2>
<p><a href="https://x.com/Solana" rel="noopener noreferrer nofollow">@Solana</a> (<a href="https://x.com/search?q=%24SOL&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$SOL</a>) is the largest host chain for the fund, with about $872 million of the roughly $2.17 billion total. <a href="https://x.com/Avax" rel="noopener noreferrer nofollow">@Avax</a> (<a href="https://x.com/search?q=%24AVAX&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$AVAX</a>) ranks a clear second, with about $481.3 million.</p>
<p>Other data points in the same direction. <cite>On October 6, RWA.xyz listed Solana at $953.9 million, Avalanche C-Chain at $483.3 million, Ethereum at $443.4 million, Aptos at $161.8 million and BNB Chain at $146.7 million</cite>, according to a summary of the platform's figures published by Eco. Exact numbers shift as investors move money between networks, but the ordering has been consistent: Solana first, Avalanche second, Ethereum third.</p>
<p>That ranking is a change from the fund's origins. <cite>BUIDL launched on Ethereum on March 20, 2024, with Securitize as transfer agent and tokenization platform.</cite><cite>In November 2024, BlackRock made it available on Aptos, Arbitrum, Avalanche, OP Mainnet and Polygon</cite>, CNBC reported. <cite>Securitize CEO Carlos Domingo welcomed Solana to the fund in March 2025</cite>, according to Cointelegraph.</p>
<h2 id="what-the-split-means">What the split means</h2>
<p>The fund is not a single pool that moves freely between chains. <cite>Each network holds a separate share class tied to the same fund, and moving shares between networks goes through Securitize rather than an open bridge</cite>, according to Eco's explainer. The distribution therefore reflects where institutional holders have chosen to place their allocations.</p>
<p>Concentration is a feature of the product. <cite>It is open only to qualified investors, with a $5 million minimum</cite>, and <cite>RWA.xyz listed 106 holders on October 6</cite>. On Avalanche, a small number of wallets matter: <cite>BUIDL is the largest tokenized Treasury fund on the network at $483.5 million, about 89% of the $545 million in tokenized Treasuries Avalanche reports, held in six wallets</cite>, per RWA.xyz data cited by RWA Foundation.</p>
<p>For $SOL and $AVAX, the figures show how much of their tokenized-asset footprint rests on a handful of large institutional positions. For BlackRock, they show a deliberate multichain approach in a sector where <cite>tokenized Treasuries totalled $14.88 billion on October 6, with Circle's USYC at $2.41 billion, Ondo's U.S. Dollar Yield at $2.30 billion and BUIDL third at $2.25 billion</cite>, per the same RWA.xyz-based summary.</p>
<p><strong>Sources:</strong></p>
<ul>
 <li><a href="https://eco.com/support/en/articles/15483226-what-is-buidl-blackrock-s-tokenized-treasury-fund" rel="noopener noreferrer nofollow">Eco: What Is BUIDL? BlackRock's Tokenized Treasury Fund</a></li>
 <li><a href="https://www.cnbc.com/2024/11/13/blackrock-expands-tokenized-money-market-fund-to-polygon-other-blockchains.html" rel="noopener noreferrer nofollow">CNBC: BlackRock expands its tokenized money market fund to Polygon and other blockchains</a></li>
 <li><a href="https://cointelegraph.com/news/buidl-blackrock-securitize-solana-expansion" rel="noopener noreferrer nofollow">Cointelegraph: BlackRock's BUIDL expands to Solana</a></li>
</ul>

Which chains dominate Blackrock's biggest crypto product...?

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