So, it turns out that BlackRock—the financial equivalent of that cool kid you want to sit next to in class—has decided that Ethereum (ETH) isn’t the only game in town. In an unexpected twist, they’re moving their $1.7 billion digital money market fund onto Solana. Yes, Solana. The blockchain that’s probably still having its glow-up. Who knew?
According to Fortune (a publication that seems to know things), BlackRock’s giant money machine is tossing its $1.7 billion BlackRock USD Institutional Digital Liquidity Fund (BUIDL) onto Solana. It’s like watching the biggest kid at recess pick a new team for dodgeball—except, instead of kids, we have blockchains.
At this exact moment, Solana’s token is trading at $145, a respectable bump of almost 19% in the last week. Not too shabby, considering it spent the past couple of years like that one person who keeps getting ghosted at parties.
For those who are curious (and brave enough to read financial reports), BUIDL isn’t your typical “let’s park some cash and wait” kind of fund. It mixes the classic world of money market funds with blockchain tech, offering yield while your money’s in the blockchain, not just doing the financial equivalent of sitting on the couch eating Doritos.
And now, Solana gets to join the cool kids’ table, being the seventh blockchain to support BUIDL. The other six? Well, let’s just say Ethereum has been busy with other things, probably updating its LinkedIn profile.
BlackRock’s tech partner, Securitize (who sounds like they should be making robot butlers), predicts that the fund will surpass $2 billion in cash and Treasury bills by early April. Which, if true, is a lot of zeros. More zeros than I have in my savings account, anyway.
Michael Sonnenshein, COO of Securitize, said the following: “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.” Well, that’s certainly one way to put it. Personally, I think calling money market funds “boring” is like calling a wet sponge “dry.” It’s a bold move, Cotton.
And if you thought trading your money was already thrilling, think again. BUIDL offers 24/7 trading—because apparently, the excitement of your funds increasing while you sleep wasn’t quite enough.
In Solana’s defense, Lily Liu, president of the Solana Foundation, said: “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.” Which, if I’m understanding correctly, means you can play with your money while it works for you. As opposed to just staring at a screen and wondering why it isn’t moving. Gotta love that flexibility.
And just in case you were wondering, BUIDL is part of BlackRock’s ever-expanding digital asset strategy. In case you missed it, that includes a spot-Bitcoin (BTC) ETF, which—no surprise—sounds like something I should’ve invested in three years ago.
Finally, BlackRock’s big boss, Larry Fink, had this to say: “The future of finance includes the tokenization of every financial asset.” Which sounds exciting until you realize he’s probably right. The future’s coming, folks—and it’s here to tokenize everything, from your couch cushions to your grandmother’s antique collection. Get ready.
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2025-03-25 21:22