BlackRock USD Institutional Digital Liquidity Fund

BUIDL is BlackRock's tokenized money market fund: each token is a $1 share backed by cash and US Treasury bills.

BUIDL is the token of the BlackRock USD Institutional Digital Liquidity Fund, a private investment fund incorporated in the British Virgin Islands and managed by BlackRock. It is not a cryptocurrency in the usual sense: each token is one share of the fund, recorded on a blockchain instead of in a traditional register. The fund aims to keep a stable value of US$1 per token, and its stated policy is to invest all of its assets in cash, US Treasury bills and repurchase agreements (short-term loans secured by Treasuries).

The fund's income is the interest on those holdings. It is paid out to holders: dividends accrue daily and are paid into investors' wallets as new BUIDL tokens each month. On 27 September 2026 the 7-day yield shown by the data site RWA.xyz was about 3.6% a year, and the fund was worth about US$2.2–2.3 billion.

BUIDL launched on Ethereum in March 2024 with Securitize, which acts as transfer agent, tokenisation platform and placement agent; the Bank of New York Mellon holds the fund's cash and securities. The fund now has share classes on nine networks, including Solana, Avalanche, Aptos, BNB Chain and Ethereum. It is sold only as a private offering under US securities exemptions to qualified purchasers. BlackRock's partners gave a US$5 million initial minimum when BUIDL came to Avalanche in November 2024, although the fund's July 2026 SEC filing records US$100,000 as the smallest investment accepted. Tokens can be sent only to wallets that Securitize has approved.

BUIDL is used mainly by crypto firms and funds as a place to keep dollars that earn Treasury yield on-chain: as reserves behind other tokens, and as collateral for trading. Since November 2025 Binance has accepted it as off-exchange collateral for trading, and CoinDesk reported in May 2026 that it is increasingly used as collateral for borrowing and leveraged trading. It does not trade on ordinary crypto exchanges.