BlackRock USD Institutional Digital Liquidity Fund
BUIDL
Evaluation Score
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Dimension Breakdown
AI Analysis
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BUIDL (BlackRock USD Institutional Digital Liquidity Fund) is an institutional-grade, tokenized money-market fund managed by BlackRock and issued via Securitize. It provides qualified institutional investors with access to short-duration U.S. Treasury yields on-chain, maintaining a stable $1.00 NAV backed 1:1 by cash, U.S. Treasury bills, and repurchase agreements, supported by a Moody's Aaa-mf credit rating. The fund has demonstrated substantial growth, scaling to approximately $2.75B in AUM across eight blockchain networks and expanding utility via integrations such as UniswapX liquidity. However, BUIDL is structurally restricted to KYC/AML-whitelisted Qualified Purchasers, resulting in an intentionally absent grassroots community, low on-chain holder counts (~106 holders), and zero public exchange trading volume. Governance and contract operations are fully centralized, utilizing upgradeable proxy contracts without public DAO mechanisms. Security posture remains strong with no historical hacks, exploits, or depegs, though code security relies heavily on issuer operational controls rather than trustless architecture. No data gaps or qualifying red-flag events were identified.
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Tokenomics
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Team & Governance
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Security & Audits
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About BlackRock USD Institutional Digital Liquidity Fund (BUIDL)
BUIDL (BlackRock USD Institutional Digital Liquidity Fund) is a tokenized money-market fund managed by BlackRock and tokenized via Securitize. Launched in March 2024, the fund operates across eight blockchain networks, including Ethereum. It provides qualified institutional investors with on-chain exposure to short-duration U.S. Treasury yields, backed 1:1 by cash, U.S. Treasury bills, and repurchase agreements. The fund maintains a stable Net Asset Value (NAV) of $1.00 and distributes yield monthly in the form of newly minted BUIDL tokens based on daily accrued dividends.
The fund utilizes an elastic token supply and relies on traditional and digital institutional counterparties, including BNY Mellon, Securitize as the transfer agent, and custodians such as Anchorage Digital, BitGo, Copper, and Fireblocks. In February 2026, the fund added an integration with UniswapX to facilitate liquidity between BUIDL and USDC. BUIDL maintains a Moody's Aaa-mf credit-quality rating and manages approximately $2.75 billion in assets under management.
Because BUIDL is structured as a permissioned, regulated investment vehicle, transfers are restricted to KYC- and AML-whitelisted Qualified Purchasers. Consequently, it has a narrow holder count of approximately 106 holders, zero public exchange trading volume, and no public DAO governance. Operationally, the fund carries structural centralization risks, including issuer-controlled upgradeable proxy contracts and off-chain wire redemption rails. An automated code scan by Veritas Protocol recorded a score of 70.06/100 with critical-severity classifications on its proxy contract, and no traditional third-party manual audit report is on record. The fund has experienced no smart contract exploits, regulatory enforcement actions, or NAV depegs.