BlackRock, the asset manager overseeing $15.5 trillion, has reallocated its flagship tokenized Treasury fund across public blockchains, and the fund now holds more value on Avalanche than on Ethereum, the chain where it was issued in March 2024. Current figures show Avalanche carrying $481.81 million of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) against $422.72 million on Ethereum as of October 23, 2026. Only Solana holds a larger share of the $2.17 billion fund — Solana leads all chains in total BUIDL holdings, according to data from RWA.xyz.

BUIDL, which BlackRock launched on Ethereum in March 2024, has since expanded to additional networks as tokenized Treasury products bring money-market exposure on-chain, adding Aptos, Arbitrum, Avalanche, Optimism and Polygon in late 2024 before arriving on Solana in March 2025. The fund crossed $1 billion in assets under management in March 2025, and the move now highlights how institutional tokenization is going multi-chain, with Solana taking the lead — a shift with broader significance given that BUIDL sits at the heart of the real-world asset story.

The Data Behind the Reallocation

The $2.17 billion fund invests in U.S. Treasury bills, cash, and repurchase agreements, seeking to maintain a stable $1 token value while paying daily dividends to eligible holders. BUIDL operates through Securitize, an SEC-registered transfer agent, as tokenization agent, with BNY Mellon serving as administrator and custodian. Figures are drawn from on-chain data aggregated by RWA.xyz.

Cross-chain flows indicate reallocation by the administrator rather than retail trading. Although Ethereum remains the foundational layer of BUIDL's infrastructure, the proportion of the fund's supply on Ethereum has diminished relative to other networks that offer higher speed and lower cost.

The development was highlighted in a post on X:

BlackRock, with $15.5 trillion in assets, has more of its BUIDL fund on Avalanche than on Ethereum, $481.81M against $422.72M. Only Solana holds more of the $2.17B fund. @avax pic.twitter.com/FH0jGWuybP

— MSB Intel (@MSBIntel) October 23, 2026

Why Multi-Chain Settlement Is Becoming an Institutional Standard

Tokenized Treasuries have become the largest segment of the real-world asset market as institutions hunt for yield-bearing cash equivalents on-chain. Issuers are now seeking the optimal combination of settlement speed, finality, fees, and regulatory compatibility when deciding where to issue tokenized products.

Avalanche provides sub-second finality and EVM compatibility on its C-Chain, while Solana offers high throughput, low fees, and liquidity depth. Both networks have built custody, integrations, and stablecoin adoption into their core infrastructure.

Cross-chain issuance demonstrates that flagship institutions such as BlackRock and Securitize can serve customer demand without abandoning their core strategy. The shift marks a move away from single-chain pilots toward production systems in which distribution follows demand, elevating the core properties of BUIDL beyond past experiments that remained tightly coupled to a single chain for simplicity.

Implications for Investors, Developers, and Ecosystems

For investors, BUIDL's yield and risk remain anchored to short-term Treasury markets rather than the prices of AVAX or SOL. The reallocation does not affect eligibility, fees, or redemption mechanics.

For institutions, the move sets a clear example that even the largest asset manager will use multiple public chains when operations require it. For developers, Avalanche's larger BUIDL balance expands the scope for integration with lending and collateral markets through sBUIDL, a DeFi-compatible representation of the fund.

For competing ecosystems, the focus is likely to center less on incentives and more on custody, compliance, and liquidity development. For regulators, multi-chain distribution introduces new questions surrounding transfer restrictions, investor validation, and disclosure of reserves across networks. Exchanges and market commentators should regard chain distribution as an infrastructure indicator rather than a signal of short-term trading demand.

Outlook

Avalanche's sustainability depends on continued inflows, the development of sBUIDL use cases within DeFi, and the extent to which other issuers follow. Chain-level allocation updates on RWA.xyz provide a recurring, on-chain reference for tracking how these weights evolve. Beyond Ethereum's baseline presence, Avalanche's share of new issuance is likely to expand at a slower pace as other options demonstrate utility. Solana's dominance will be tested by whether its growth reflects intrinsic demand or short-term allocation.

Avalanche's key hurdle will be converting the fund's presence into settled activity within the ecosystem, including collateralized borrowing. Ultimately, the evolution of BUIDL demonstrates how traditional asset managers can scale on-chain instruments across multiple chains and institutional portals, forming what the analysis describes as the next phase of institutionalization.

Source: Tron Weekly

Data: RWA.xyz