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BlackRock’s tokenized product BUIDL, which launched on Ethereum, is now available on five more blockchain networks: Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon. This move enhances the accessibility of the world’s largest token money-market fund. BUIDL has $520 million in assets and is backed by short-term U.S. Treasury bonds. BlackRock’s venture into additional platforms signifies an intersection between cryptocurrencies and conventional finance.

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BlackRock’s first-ever tokenized product, which debuted on Ethereum in March, can now be accessed across the Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon networks. BUIDL, the world’s biggest blockchain-based money market fund, is lent support by short-term U.S. Treasuries and currently boasts a hefty $520 million in assets.

The giant asset-management company, BlackRock, announced its plans to extend its tokenized real-world asset fund to five additional blockchain systems, branching out beyond Ethereum and improving accessibility to the largest token money-market fund.

In a joint venture with tokenization platform Securitize, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) is now available on the Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon networks, the firm announced on Wednesday. All across the intersection of crypto and traditional finance, converting real-world assets into digital tokens is up and coming. Both digital asset firms and global financial big shots are in a race to place items like government bonds, private credit, and funds on blockchain pathways, intending to achieve quicker settlements and operational efficiencies.

“We desired to build a system that was deliberately designed to be digital and take full advantage of the benefits of tokenization,” said Carlos Domingo, CEO and co-founder of Securitize. “With these new chains, we’ll begin to see more investors trying to leverage the underlying technology to improve efficiencies on all aspects that until now have been challenging to accomplish.”

BlackRock unveiled its first-ever tokenized product back in March. The BUIDL token is backed up by U.S. short-term government bonds and its price is kept at $1. Institutions and protocol treasuries use this product to deposit their on-chain cash so as to earn a yield or as collateral for trading. Meanwhile, other protocols involved with decentralized finance, such as Ondo Finance, base their products on it.

With over $520 million in deposits, BUIDL has become the biggest product in the $2.3 billion tokenized U.S. Treasury market, according to rwa.xyz data. On Ethereum, Aptos, and Arbitrum, the management fee for BUIDL is 50 basis points. On Aptos, Avalanche, and Polygon, however, it costs less: only 20 basis points. Each of the ecosystem development organizations — Aptos Foundation, Avalanche (BVI), Inc., and Polygon Labs BD Investments (Cayman) Ltd. — has agreed to pay BlackRock a quarterly fee.