Today Securitize, BlackRock’s tokenization partner, announced that BlackRock’s money market fund, BUIDL, is now available on five additional blockchains. It launched in March on Ethereum and has now expanded to Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon.
BUIDL is the largest tokenized money market fund on a public blockchain with a market capitalization of $517 million. Ondo Finance has issued its own money market fund backed by BUIDL, so it accounts for $192 million of BUIDL’s balance. While BlackRock has a minimum investment of $5 million, Ondo’s OUSG has a $5,000 minimum and also temporarily waves fees.
Notably, BUIDL has management fees of 50 basis points on most blockchains but it’s only 20 bps on Aptos, Avalanche, and Polygon, with the lower costs subsidized by foundations associated with the blockchains.
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