BlackRock USD Institutional Digital Liquidity
BUIDLBlackRock's tokenized money market fund, now live across Ethereum, Solana, Polygon, Avalanche, Arbitrum, Optimism, Aptos, and BNB Chain. AUM stands at $2.4B, backed by U.S. Treasury securities and repo agreements. Tradable on Uniswap for whitelisted investors via UniswapX RFQ.
BUIDL is a tokenized money market fund — cash, US T-bills, and overnight repo — issued by BlackRock and distributed via Securitize. Yield is effectively the front-end of the UST curve minus the management fee, so the dominant macro driver is the Fed funds path and the shape of the very short curve. Secondary driver: institutional crypto cash demand. As large protocols, market makers, and stablecoin issuers move idle USD into tokenized MMFs, BUIDL captures share of a flow that did not exist as a category two years ago. AUM growth is the cleanest signal of how that adoption is tracking.
BUIDL has emerged as the institutional default for on-chain treasury cash. The flow is procyclical with crypto market activity — when stablecoin float expands and CEX/DEX volumes rise, idle USD piles up looking for yield, and BUIDL is the path of least compliance friction for US-regulated counterparties. The yield is mechanically anchored to Fed policy and offers no intrinsic alpha; the value proposition is regulatory wrapper plus instant settlement plus on-chain composability. Watch competitive dynamics with Franklin BENJI and Ondo OUSG — share movement among the top three is the meaningful signal, not absolute AUM.
- ›Fed funds futures path (CME FedWatch) — yield mechanics
- ›BUIDL AUM (Securitize publishes; Etherscan token holders)
- ›Stablecoin total float (USDT + USDC + DAI/USDS) — the cash pool BUIDL competes for
- ›Front-end UST curve shape (3M-2Y) — pricing vs alternatives
- ›Regulatory posture on tokenized fund secondary trading
- ×Sustained zero-rate regime collapsing the yield proposition
- ×Securitize transfer-agent operational incident
- ×A non-BlackRock issuer with materially better redemption terms or chain coverage
Editorial macro context · refreshed each methodology cycle · not investment advice
Price data from CoinGecko. Not financial advice.
Risk assessment is indicative. Conduct thorough due diligence before investing.
Calculations are indicative. Actual yields may vary.