BUIDL is the BlackRock USD Institutional Digital Liquidity Fund, a tokenized money market fund that holds cash, US Treasury bills, and repurchase agreements and records ownership as tokens on public blockchains. It launched on Ethereum on March 20, 2024, with Securitize as transfer agent and tokenization platform, per the BlackRock and Securitize announcement.
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On October 6, 2026, BUIDL held $2.25B across nine networks with a 30-day APY of 3.60% and 106 holders, per RWA XYZ. It is open only to qualified investors, with a $5 million minimum, per RWA XYZ.
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BUIDL is a private fund for institutions, not a stablecoin. Each token represents one fund share that targets a stable dollar value. Income from the fund's short-term government holdings accrues daily and is paid out as additional tokens. Transfers are restricted to wallets that have passed the fund's investor checks.
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Per the launch announcement, BlackRock described BUIDL as its first tokenized fund issued on a public blockchain; Securitize manages the tokenized shares and reports subscriptions, redemptions, and distributions, and Securitize Markets is placement agent. The fund invests 100% of its total assets in cash, US Treasury bills, and repurchase agreements, per the same release.
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BUIDL has two markets. In the primary market, investors subscribe and redeem with dollars through Securitize, offchain. In the secondary market, tokens move between approved wallets onchain at any hour, which lets holders use fund shares as a settlement asset without redeeming. A transfer to an unapproved wallet fails at the contract level.
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Per RWA XYZ, BUIDL had $2.25B in total value on October 6, 2026, with a 7-day APY of 3.68% and a 30-day APY of 3.60%, and a management fee listed at 0.20% to 0.50%. Category-wide data is on the RWA XYZ Treasuries dashboard.
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Only qualified investors who pass Securitize's onboarding can buy BUIDL directly. That bar, plus the minimum ticket, means holders are mostly asset managers, crypto-native company treasuries, market makers, and issuers of other tokenized products. Retail users usually get exposure through products that hold BUIDL rather than through the fund itself.
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The launch announcement set a $5 million minimum and limited the fund to qualified investors, and RWA XYZ still lists a $5,000,000 minimum and 106 holders on October 6, 2026. Eligibility terms are set by the manager and can change.
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BUIDL started on Ethereum and now runs on nine networks. Each network holds a separate share class tied to the same fund, and moving shares between networks goes through Securitize rather than an open bridge. Solana is now the largest BUIDL network by value, ahead of Avalanche and Ethereum.
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BlackRock added share classes on Aptos, Arbitrum, Avalanche, OP Mainnet, and Polygon on November 13, 2024, per the expansion release. On October 6, 2026, RWA XYZ listed Solana at $953.9M, Avalanche C-Chain at $483.3M, Ethereum at $443.4M, Aptos at $161.8M, BNB Chain at $146.7M, Optimism at $26.5M, Tempo at $17.1M, Arbitrum at $8.6M, and Polygon at $7.5M.
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Not anymore. BUIDL was the category's first large fund from a major asset manager, but by October 2026 two other products had passed it in size. The market has grown well beyond a single anchor product, with funds from Franklin Templeton, WisdomTree, JPMorgan, and others competing for the same institutional cash.
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Per RWA XYZ on October 6, 2026, tokenized Treasuries totaled $14.88B. Circle USYC led at $2.41B, Ondo U.S. Dollar Yield held $2.30B, and BUIDL was third at $2.25B. Our tokenized Treasury comparison ranks the main funds.
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BUIDL pays yield, restricts transfers to approved wallets, and is regulated as a securities offering. USDC and USDT pay no yield to holders and move freely between any wallets, which makes them payment tools rather than treasury tools. Some stablecoins, such as Ethena's USDtb, use tokenized Treasury funds in their reserves.

The full stablecoin market was $314.1B on October 6, 2026, per DeFiLlama, more than 20 times the $14.88B tokenized Treasury market tracked by RWA XYZ. Our USDtb explainer covers how USDtb relates to BUIDL.
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BUIDL showed that a top-tier asset manager would put a regulated fund on public blockchains, which pulled custodians, transfer agents, and data providers toward production-grade infrastructure. Competing funds now use the same building blocks: onchain share registers, wallet allowlists, and multi-chain share classes. That standardization is BUIDL's lasting effect on the market.
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Per RWA XYZ on October 6, 2026, the category held $14.88B across 86,301 holders with an average 7-day APY of 3.62%. Related deep dives: BUIDL deep dive and BENJI deep dive.
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BUIDL is BlackRock's tokenized money market fund for qualified investors, holding cash, Treasury bills, and repo, and paying yield as new tokens. It runs on nine networks and is one of the three largest tokenized Treasury funds. For most people, the practical way to touch it is through products that hold it.
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Track BUIDL on RWA XYZ and the wider category on the RWA XYZ Treasuries dashboard.
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