Solana Rises As BlackRock Brings Its $1,700,000,000 Tokenized Treasury Fund to Ethereum Rival’s Chain
Solana (SOL) is green on the day on reports that BlackRock is moving its blockchain-based money market fund onto the Ethereum (ETH) competitor’s network. Fortune reports that the world’s largest asset manager is adding its $1.7 billion BlackRock USD Institutional Digital Liquidity Fund (BUIDL) to the Solana blockchain. Solana is trading for $145 at time of writing, up nearly 19% in the last week. Launched a year ago, BUIDL uses traditional money market funds, which investors use to store cash in the near term and earn yield on it, combined with blockchain payment properties. Solana is now the seventh blockchain compatible with the tokenized money market fund BUIDL, after its initial launch on Ethereum. BlackRock’s technology partner, Securitize, says the fund is expected to exceed $2 billion in cash and Treasury bills by early April. Says Michael Sonnenshein, COO at Securitize, “We’re making [money market funds] unboring. We are a...