BlackRock Expands BUIDL Fund to Multiple Blockchains

Multi-Blockchain Approach

BUIDL’s multi-chain approach provides greater accessibility for companies, DAOs, and investors. The fund offers features such as cross-chain yields, dividend accumulation, and nearly instant peer-to-peer transfers.

BNY Mellon supports this expansion by acting as the custodian and administrator across all platforms. This support aims to ensure continuous oversight and management across the newly added networks.

BUIDL’s Growth Performance

Launched on Ethereum , BUIDL became the largest tokenized fund in terms of managed assets within its first 40 days. According to RWA.xyz, BUIDL’s market value stands at 558 million USD.

With these new chains, we will see more investors working to increase efficiency through technology.

Carlos Domingo, CEO of Securitize, noted that BUIDL’s expansion to these new blockchains supports the overall vision of the tokenized asset ecosystem. He also highlighted similar initiatives, such as Franklin Templeton’s OnChain US Treasury Fund (FOBXX).

The fund’s multi-chain structure allows investors and digital asset-focused firms to leverage blockchain technology more effectively. This strategy could play a crucial role in the future development of tokenization.

In conclusion, BlackRock’s BUIDL fund’s multi-chain support expands access in the digital asset market while offering investors more flexibility and opportunities. The fund’s growth demonstrates the potential of tokenized finance, with BNY Mellon’s backing providing assurance.