BlackRock is going all-in on stablecoins.  The Wall Street giant said Thursday it will retool one of its money market funds to cater explicitly  to U.S. stablecoin issuers, by making the fund an approved reserve asset for such tokens under the recently passed GENIUS Act. The BlackRock Select Treasury Based Liquidity Fund (BSTBL) will remove agency investments, shorten the maturity of its investments in U.S. Treasuries, and add overnight repurchase agreements as an eligible asset, in a bid to make the fund b ...

Core Insights - Anatoly Yakovenko, co-founder of Solana Labs, is among the wealthiest individuals in the cryptocurrency sector, with his wealth primarily derived from his holdings in SOL and equity in Solana Labs [1][5][7] Company Overview - Solana Labs was founded in 2018 by Yakovenko, Raj Gokal, and Greg Fitzgerald, aiming to create a more efficient blockchain platform that could overcome Ethereum's performance limitations [4][7] - The company raised $20 million in its Series A funding round in 2020 and $314 million in a private token sale in 2021, although specific ownership details remain undisclosed due to its private status [6] Wealth and Holdings - Yakovenko's net worth is largely tied to his SOL holdings, with an estimated 136,000 SOL valued at nearly $33 million as of September 19 [5] - His equity stake in Solana Labs is estimated to be between 1-5%, with a possibility of retaining a larger founder share of 10-25% [6] Market Dynamics - The price of SOL has seen significant increases since April, driven by expectations of ETF approvals, which could further elevate the cryptocurrency's value [2][7] - The approval of spot SOL ETFs is anticipated to attract substantial capital inflows, similar to the $100 billion worth of BTC acquired by major funds since the launch of U.S.-listed spot Bitcoin and Ethereum ETFs in 2024 [9] Investment Activities - Yakovenko is also an active angel investor, supporting various startups both within and outside the Solana ecosystem, including companies like Ellipsis Labs and Blockcast [8]