BlackRock USD Institutional Digital Liquidity
BUIDLBUIDL is BlackRock's tokenized money market fund, issued with Securitize and live across Ethereum, Solana, Polygon, Avalanche, Arbitrum, Aptos and other chains. It is backed by US Treasury bills, repo and cash, with shares redeemable one-to-one for USDC, and is restricted to verified institutional investors under a Reg D private placement. BUIDL scores 87/100 (Tier 2) on the RWTS Trust Score, among the strongest tokenized treasuries on backing and counterparty quality. The main caveats are permissioned access and a redemption path that runs to USDC during US market hours.
- Issuer / protocol
- BlackRock / Securitize
- Jurisdiction
- British Virgin IslandsUS Reg D 506(c) — qualified purchasers
- Backing
- U.S. Treasury securities & repo agreements
- Redemption / lock-up
- Permissioned (institutional only)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Multi-chain
- Tier
- Tier 2 — Treasury & Fiat-Backed
- Contract
- 0x7712…8a3f
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
100% cash, T-bills & repo Point-in-time disclosure, not a live feed; weights move with issuance and policy.
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
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Current yield of 3.53% sits at 86% of the observed range. This is above the midpoint, indicating relatively attractive rates.
Projections assume constant APY of 3.53%. Actual returns may vary. Not financial advice.
BlackRock-managed; BNY Mellon custody; SEC-registered; high backing quality but redemption gated to qualified investors.
Methodology v1.0 · independent rating · published rubric · no issuer payments
Backed by U.S. Treasury securities and overnight repurchase agreements; sovereign debt instruments.
NAV published on Securitize platform; audited by BlackRock's standard auditor; institutional-grade attestation cadence.
Daily redemption to USDC at par via Securitize permissioned network for whitelisted institutional investors.
BlackRock financial audit (Big Four); multiple smart contract audits across Ethereum, Solana, Polygon, Avalanche, Arbitrum, Optimism, Aptos, BNB Chain deployments; active security program.
BlackRock fully regulated globally; Securitize SEC-registered transfer agent and ATS; permissioned access restricted to qualified investors under US securities law.
Live since March 2024, ~26 months of stable operation across 8 chains; established liquidity but not yet at 3-year mark.
REDEMPTION_INSTITUTIONAL_ONLYBUIDL is permissioned; access restricted to qualified institutional investors via Securitize.
Caveats document operational realities that don't change the dimensional score but shape practical use.
Beyond BUIDL's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
OUSG, USDtb, sUSDe depend on it. BUIDL redemptions are T+0 to USDC only during US market hours. If that exit window jammed under stress, every product built on BUIDL inherits the same bottleneck at the same moment. A fund built on a top-rated fund still adds a layer of risk, which is exactly why OUSG scores below BUIDL on our methodology.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $4.92B indicates deep on-chain liquidity. Lock-up: Permissioned (institutional only).