BlackRock may be one of the biggest traditional-finance names on Solana, but the money sitting in its tokenized fund is barely showing up in secondary trading.
- BUIDL, BlackRock's tokenized institutional fund, held about $741 million on Solana as of Aug. 18 but recorded no spot trades during the preceding 12 months, according to a new report from blockchain data firm Allium.
- The report itself describes Solana's fixed-income market as one where the "largest balances barely trade."
BlackRock's BUIDL fund by chain. Source: Allium
- Despite that, Solana reportedly handled 74% of all on-chain fixed-income spot volume during the period (or $5.4 billion of the $7.4 billion Allium tracked across 24 chains).
- But per Allium, that lead came "almost all from two private-credit issuers," rather than from the large Treasury and money-market-style funds associated with Wall Street firms.
Private credit did the trading
Decentralized institutional credit and asset management platform Maple generated about $4 billion of Solana's fixed-income volume over the year, while Figure-linked Hastra accounted for another roughly $1.4 billion, according to Solana Foundation institutional growth head Nick Ducoff's breakdown of the Allium data.
Together, that is essentially the entirety of Solana's reported $5.4 billion total.
BlackRock's BUIDL looked very different.
- The BlackRock USD Institutional Digital Liquidity Fund, tokenized by Securitize, is designed for qualified investors seeking dollar yield on-chain.
- Securitize says the fund supports daily dividends and "near real-time 24/7/365 peer-to-peer transfers."
- BlackRock expanded BUIDL to Solana in March 2025 after initially launching the fund on Ethereum a year earlier.
- At the time, BlackRock said BUIDL showed the "viability of real-world assets on-chain."
That doesn't mean the fund was inactive. BUIDL investors can subscribe, redeem or transfer shares directly, while tokenized Treasury products can also be held as cash-management instruments or used as collateral without ever appearing in a spot trade.
Solana Foundation itself notes that such products can simply be held passively.
Solana has attracted sizable institutional balances, but according to the report, actual fixed-income trading remains concentrated in more crypto-native private-credit products, "while the largest institutional balances sit still."
Across all real-world assets measured by Allium, Solana held just 12% of market value but generated 32% of spot volume and 47% of trades, suggesting that the assets which do trade there tend to change hands much more frequently.
- The Coinformer reached out to Allium for comments and will update the story once and if we hear back.
- A spokesperson for BlackRock declined to comment.