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Highlights
- BlackRock has expanded BUIDL fund to multiple blockchain networks
- The firm hopes to enhance liquidity flow with the Aptos, Avalanche and Ethereum L2 integrations
- BlackRock is driving intense crypto ETF product revolution
American multinational investment company BlackRock Inc has broadened its scope beyond Bitcoin as the supported platforms for the BUIDL product. Per the latest update, the product has now expanded to different layer-1 and 2 networks to boost its overall diversity.
BlackRock BUIDL Diversity – Supported Protocols
As the Larry Fink-led company announced, the BUIDL fund is now fully supported on Aptos, Avalanche and Ethereum L2s including Optimism, Arbitrum and Polygon. This new integrations marks the next evolution of the fund’s growth. As BlackRock noted, this new protocols will make the product more accessible to institutional investors.
While the BlackRock USD Institutional Digital Liquidity Fund is now multi protocol, the Wall Street giant launched BUIDL on Ethereum first. This expansion showcases how ready the firm is to explore more possibilities for the fund. As it noted, each of the supported blockchains will enable internal applications and users to interact with BUIDL on-chain. This way, the product will see enhanced yield with flexible support.
Since its launch, the fund has grown remarkably in Assets Under Management (AUM). Many entities have funded BUIDL wallet since its inception including stablecoin issuer Circle. As reported by Coingape, a Circle hot wallet funded BUIDL with about $11 million worth of USDC, a show of its interoperability.
2/ After launching on Ethereum in March 2024 and quickly becoming the world’s largest tokenized fund by AUM, BUIDL is integrating with Aptos via new share classes designed to leverage Aptos’ features as the blockchain for finance—with sub-second finality, 99.99% uptime, and gas…
— Aptos (@Aptos) November 13, 2024
Crypto Offerings Push Beyond BUIDL
Beyong the BUIDL product, the role of BlackRock in the broader digital currency ecosystem is now highly pronounced. Notably, the firm controls the largest spot Bitcoin ETF product dubbed the iShares Bitcoin Trust (IBIT),
Judging by the Bitcoin-powered bull cycle, IBIT has seen massive capital inflow since the US SEC greenlighted it in January. As reportedly recently, the combined Bitcoin ETF market has crossed the $90 billion flow milestone and are on track to surpass Satoshi Nakamoto’s BTC holdings.
Just like Bitcoin, the financial firm also issues spot Ethereum ETF that is equally attracting more institutional capital flow. While it remains speculative, many are optimistic that the firm may soon file for Solana or any other top altcoin ETF product.
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