BlackRock strengthens tokenization push with BUIDL’s multi-chain expansion

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has expanded its reach to multiple blockchain networks, including Aptos, Arbitrum, Avalanche, Optimism, and Polygon, according to a Nov. 13 statement.

This expansion is part of BlackRock’s strategy to strengthen its tokenization efforts, transforming BUIDL into a multi-chain asset. It enables users and applications within these blockchain ecosystems to access BUIDL more efficiently.

The fund, which primarily invests in US Treasuries, cash, and other liquid assets, will offer new users across these blockchain networks features such as on-chain yield, flexible custody, real-time peer-to-peer transfers, and on-chain dividend accrual and distribution.

Securitize CEO Carlos Domingo emphasized that the expansion aligns with the company’s vision to build a tokenization-based ecosystem. He pointed out that these new blockchains would enhance BUIDL’s potential, especially as the tokenization of real-world assets continues to gain traction.

He stated:

“With these new chains we’ll start to see more investors looking to leverage the underlying technology to increase efficiencies on all the things that until now have been hard to do.”

BNY Mellon, the fund’s administrator, is backing this expansion and will continue to act as its custodian across these additional blockchain networks.

BUIDL’s growth

According to the press statement, BUIDL became the largest tokenized fund by assets under management (AUM) less than 40 days after its launch on the Ethereum blockchain. According to DeFillama data, BUIDL’s market capitalization stood at $518 million at the time of writing.

The expansion to other blockchain networks opens up new investment opportunities for decentralized autonomous organizations (DAOs), digital asset firms, and other market participants.

Meanwhile, the expansion also brings new management fees for different networks. The fund’s users across Aptos, Avalanche, and Polygon PoS will be charged a fee of 20 basis points, while Arbitrum, Ethereum, and Optimism users will incur a 50-basis-point fee.

Additionally, BlackRock will receive quarterly fees from Aptos, Avalanche, and Polygon based on the average value of the relevant share class each quarter.

The post BlackRock strengthens tokenization push with BUIDL’s multi-chain expansion appeared first on CryptoSlate.

  • Related Posts

    Democrat lawmaker calls on Treasury to abandon Trump’s Bitcoin reserve plans

    Rep. Gerald E. Connolly, the Ranking Member of the House Oversight and Government Reform Committee, urged the US Treasury Department to abandon plans to establish a strategic Bitcoin reserve and…

    Continue reading
    REX introduces BMAX ETF for Bitcoin-backed corporate bond access

    REX Shares has launched the Bitcoin Corporate Treasury Convertible Bond (BMAX) ETF, designed to give investors access to convertible bonds issued by companies using debt to acquire Bitcoin. The fund,…

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Democrat lawmaker calls on Treasury to abandon Trump’s Bitcoin reserve plans

    Democrat lawmaker calls on Treasury to abandon Trump’s Bitcoin reserve plans

    Tether to benefit greatly from current US stablecoin regulation

    Tether to benefit greatly from current US stablecoin regulation

    Orbis86 Brings AI & Web3 to GDC 2025 – Powering the Next Era of Gaming

    Orbis86 Brings AI & Web3 to GDC 2025 – Powering the Next Era of Gaming

    REX introduces BMAX ETF for Bitcoin-backed corporate bond access

    REX introduces BMAX ETF for Bitcoin-backed corporate bond access

    Bitcoin’s rise turns 2017 theft into multimillion-pound scandal for UK officer

    Bitcoin’s rise turns 2017 theft into multimillion-pound scandal for UK officer

    Bitcoin outperforms tech stocks as US market opens to sea of green

    Bitcoin outperforms tech stocks as US market opens to sea of green