Asset management firm BlackRock has announced the expansion of its USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize, across multiple blockchain ecosystems. The fund will now be accessible on Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon through the launch of new share classes.
This move marks a notable development in the tokenization market, as it allows BUIDL to integrate with a variety of blockchain-based financial products and infrastructure arross ecosystems. Each new blockchain integration enables BUIDL to interact natively with the ecosystems’ applications and users, offering on-chain yield generation, flexible custody options, peer-to-peer transfers available round the clock, and on-chain dividend accrual and distribution.
BUIDL has become the world’s largest tokenized fund by assets under management (AUM) in less than 40 days, and its expansion provides increased utility for investors. This broadens access for decentralized autonomous organizations (DAOs), digital asset firms, and individual investors while also giving developers the opportunity to build on the BlackRock fund within their preferred blockchain ecosystem.
For the various blockchains, management fees are set as follows: 20 basis points (bps) for Aptos, Avalanche, and Polygon, 50 bps for Arbitrum, Optimism, and Ethereum.
What Is BUIDL?
Launched in March 2024, BUIDL is aimed at offering investors multiple advantages, such as the ability to issue and trade ownership directly on a blockchain. This method enhances access to on-chain products while ensuring fast and transparent settlements, and streamlining transfers across different platforms.
Recently, the tokenization platform Securitize revealed that qualified institutions can now convert their USDC into USD through its integration with Zero Hash, a platform that facilitates the exchange between US dollars and digital assets. This development enables institutions to participate in BlackRock‘s BUIDL.
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