BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL, stands at the center of this expansion. The fund launched on Ethereum, backed by US Treasuries and cash equivalents. It later expanded to Solana, reflecting broader institutional demand.
Market infrastructure continues to evolve around tokenized assets. Binance confirmed it would accept BUIDL as off-exchange collateral for eligible institutional clients. Traders can deploy tokenized Treasury exposure while assets remain with approved custodians.
This development integrates tokenized funds directly into crypto trading operations. It also signals that blockchain-based fixed-income instruments now serve functional roles beyond issuance. Institutions increasingly treat tokenized products as active components of liquidity management.
Chase has also expanded its blockchain footprint. The bank introduced a $100 million tokenized money-market fund on Ethereum. Qualified investors now access short-term debt instruments through blockchain-based settlement.
In a separate transaction, JPMorgan worked with Galaxy Digital to structure a commercial paper issuance on Solana. That deal demonstrated how corporate short-term debt can be issued and settled on blockchain infrastructure. Even so, Ethereum continues to dominate total RWA value.
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