In a quiet but telling shift for tokenized real-world assets, BlackRock’s flagship BUIDL fund now holds more value on Avalanche than on Ethereum — the chain where it originally launched. Solana, however, remains firmly in the lead.
As of late October 2026, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) stands at roughly $2.16–2.17 billion in total assets. The on-chain distribution tells a clear story of multi-chain institutional preference:
Solana: Approximately $872–886 million (around 40–41%)
Avalanche: About $481 million (roughly 22%)
Ethereum: Around $421–423 million combined across contracts (about 19–20%)
Avalanche’s roughly $481.8 million now surpasses Ethereum’s $422.7 million, according to recent on-chain data tracked by sources including Chronicle Labs, RWA.xyz, and DefiLlama. Solana continues to hold the largest single-chain share by a significant margin.
What Exactly Is BUIDL?
BUIDL is BlackRock’s tokenized money-market-style fund that invests in short-term U.S. Treasury bills, cash, and repurchase agreements. It aims to maintain a stable $1 net asset value while distributing yield (currently in the high-3% range) directly to eligible holders’ wallets. Issued through Securitize and administered with BNY Mellon as custodian, the fund is available only to qualified institutional and high-net-worth investors under specific regulatory exemptions.
Launched on Ethereum in March 2024, BUIDL has since expanded natively across multiple blockchains, including Solana, Avalanche, BNB Chain, Aptos, Optimism, Arbitrum, and Polygon. The tokens can move between whitelisted addresses, enabling 24/7 transfers while remaining fully backed by traditional short-term government securities.
Why the Shift Matters
The reallocation highlights how large institutions are no longer tied to a single blockchain. Factors such as lower fees, faster finality, and institutional-friendly infrastructure appear to be driving capital toward Solana and Avalanche. Ethereum, while still important, no longer dominates BUIDL’s footprint the way it did in the fund’s early months.
This multi-chain approach reduces concentration risk and lets BlackRock and its clients choose networks that best fit their operational and cost preferences. For Avalanche in particular, hosting nearly half a billion dollars of one of the world’s largest asset manager’s tokenized products marks a notable milestone in its real-world asset (RWA) ambitions.
The Bigger Picture
Tokenized Treasury and money-market products have grown into a multi-billion-dollar segment of the RWA market. BUIDL remains one of the largest and most closely watched. Its distribution across chains shows that institutional capital is pragmatic: it follows efficiency, compliance features, and network performance rather than ideology.
While daily and weekly numbers fluctuate with minting and redemptions, the current ranking — Solana first, Avalanche second, Ethereum third — underscores a clear trend. BlackRock’s $15+ trillion asset management machine is treating public blockchains as interchangeable rails for traditional finance products.
The numbers can shift, but the message is already clear: the future of tokenized funds is multi-chain, and the competition for institutional flows is very much alive.