Solana ( SOL ) is green on the day on reports that BlackRock is moving its blockchain-based money market fund onto the Ethereum ( ETH ) competitor’s network. Fortune reports that the world’s largest asset manager is adding its $1.7 billion BlackRock USD Institutional Digital Liquidity Fund ( BUIDL ) to the Solana blockchain. Solana is trading for $145 at time of writing, up nearly 19% in the last week. Launched a year ago, BUIDL uses traditional money market funds, which investors use to store cash in the near term and earn yield on it, combined with blockchain payment properties. Solana is now the seventh blockchain compatible with the tokenized money market fund BUIDL, after its initial launch on Ethereum. BlackRock’s technology partner, Securitize, says the fund is expected to exceed $2 billion in cash and Treasury bills by early April. Says Michael Sonnenshein, COO at Securitize, “We’re making [money market funds] unboring. We are advancing and leapfrogging some of the quote-unquote deficiencies that money markets may have in their traditional formats.” One benefit BUIDL offers over traditional money market funds is 24/7 trading. Says Lily Liu, president of the Solana Foundation, “Our vision for why on-chain finance adds more value is because you can do more things with those assets on chain than you could if [they’re] sitting in your brokerage account.” BUIDL is part of BlackRock’s long-term digital asset strategy, which includes its spot-Bitcoin ( BTC ) exchange-traded fund (ETF). According to BlackRock CEO Larry Fink, the future of finance includes the “tokenization of every financial asset.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post Solana Rises As BlackRock Brings Its $1,700,000,000 Tokenized Treasury Fund to Ethereum Rival’s Chain appeared first on The Daily Hodl .
