BlackRock BUIDL Tokenized Fund
Sector: Tertiary sector · Industry: Asset management · Organisation: BlackRock (mit Securitize) · Maturity level: Production
BlackRock launched the BUIDL fund in March 2024 — the first tokenized money market fund on a public blockchain. The fund invests 100% in U.S. Treasury bills and pays daily dividends directly to investor wallets. Securitize handles tokenization, compliance and trading. BUIDL surpassed $1 billion AUM in under 40 days and is the world's largest tokenized fund at over $2.5 billion.
Documentation status
- Project status: Production
- Evidence: Evidence high
- Editorial review: Ufuk Avci, 15 April 2026
Description
BlackRock launched BUIDL (BlackRock USD Institutional Digital Liquidity Fund) in March 2024 on Ethereum, tokenised by Securitize. The fund invests 100% in US Treasury bonds, cash, and repos. Each token represents a fund share worth 1 dollar with daily dividend accumulation. In under 40 days, BUIDL reached 1 billion dollars AUM and is with over 2.5 billion dollars the largest tokenised fund worldwide. Available on 9 blockchains since November 2024.
BUIDL represents the turning point of institutional tokenisation. BlackRock — the world’s largest asset manager with over 10 trillion dollars AUM — thereby validates blockchain as infrastructure for traditional financial products.
Perspectives
B2B — organisations perspective
Institutional investors use BUIDL as a yield-generating alternative to stablecoins. DAOs and DeFi protocols use BUIDL tokens as collateral. Crypto exchanges like Binance accept BUIDL as security for trading positions.
B2C — consumers perspective
End customers benefit indirectly through improved liquidity and lower costs in the DeFi ecosystem. BUIDL enables access to BlackRock products via decentralized channels for the first time.
Employees perspective
Compliance teams use the on-chain transparency for simplified reporting. Settlement teams benefit from real-time settlement instead of T+2.
Benefits
General
- Real-time settlement instead of T+2 significantly reduces counterparty risks and capital lock-up.
- Daily dividend distribution directly into investors’ wallets — without intermediaries.
- Multi-chain availability on 9+ blockchains maximises reach and interoperability.
B2B — organisations
- Institutional investors use BUIDL as yield-generating collateral in DeFi protocols — an alternative to non-yielding stablecoins.
- Crypto exchanges accept BUIDL as security for trading positions, thereby reducing capital requirements.
B2C — consumers
- First-time access to BlackRock products via decentralized channels for DeFi users.
Employees
- Compliance teams benefit from on-chain transparency for simplified regulatory reporting.
- Settlement teams are relieved from manual reconciliation work.
Challenges
General
- Regulatory uncertainty in many jurisdictions regarding tokenised fund shares as securities.
- Dependence on Securitize as central tokenisation and compliance partner.
B2B — organisations
- Integration of tokenised assets into existing custody and reporting infrastructure requires significant technical adjustments.
B2C — consumers
- Access requires wallet infrastructure and KYC verification via Securitize — a technical hurdle for end users.
Employees
- Staff in operations and compliance need training in blockchain technology and on-chain reporting.
Technology foundation
Ethereum ERC-20 token standard, multi-chain deployment via Wormhole interoperability, Securitize as transfer agent.
Implementation examples
BlackRock / Securitize
BUIDL addresses the inefficiencies of traditional money market funds: T+2 settlement, high administrative costs, and lack of 24/7 availability. Tokenisation reduces these frictions to almost zero.
BlackRock launched the BUIDL fund in March 2024 — the first tokenised money market fund by a top asset manager on a public blockchain.
The BUIDL fund invests 100% in US Treasury bonds and pays daily dividends directly into investors' wallets. Securitize handles tokenisation, KYC/AML compliance, and secondary trading. The fund reached 1 billion dollars AUM in under 40 days and exceeded the 2.5 billion dollar mark by the end of 2025. Multi-chain expansion since November 2024 on Ethereum, Aptos, Arbitrum, Avalanche, Optimism, and Polygon.
Real-time settlement eliminates counterparty risks. On-chain transparency simplifies compliance reporting. Multi-chain architecture maximises reach.
Tags
Tokenisation, Real-World Assets, Money Market Funds, Multi-Chain, Institutional DeFi