BlackRock's tokenized money market fund, $BUIDL, now has a market capitalisation above $2 billion, according to data from RWA.xyz. The spread of those assets across blockchains is less obviou
BlackRock's tokenized money market fund, $BUIDL, now has a market capitalisation above $2 billion, according to data from RWA.xyz. The spread of those assets across blockchains is less obvious than the headline figure suggests.
@Solana ($SOL) is the largest host chain for the fund, with about $872 million of the roughly $2.17 billion total. @Avax ($AVAX) ranks a clear second, with about $481.3 million.
Other data points in the same direction. 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, 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.
That ranking is a change from the fund's origins. BUIDL launched on Ethereum on March 20, 2024, with Securitize as transfer agent and tokenization platform.In November 2024, BlackRock made it available on Aptos, Arbitrum, Avalanche, OP Mainnet and Polygon, CNBC reported. Securitize CEO Carlos Domingo welcomed Solana to the fund in March 2025, according to Cointelegraph.
The fund is not a single pool that moves freely between chains. 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, according to Eco's explainer. The distribution therefore reflects where institutional holders have chosen to place their allocations.
Concentration is a feature of the product. It is open only to qualified investors, with a $5 million minimum, and RWA.xyz listed 106 holders on October 6. On Avalanche, a small number of wallets matter: 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, per RWA.xyz data cited by RWA Foundation.
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 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, per the same RWA.xyz-based summary.
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