BlackRock USD Institutional Digital Liquidity Fund BUIDL

BUIDL is BlackRock's tokenised money-market fund, formally the BlackRock USD Institutional Digital Liquidity Fund, launched in 2024 with the tokenisation platform Securitize. It is a share in a fund rather than a private company's stablecoin: the portfolio holds cash, short-dated US Treasury bills and repurchase agreements.

Each token is intended to hold a value of one dollar, while the yield the portfolio earns accrues to holders and is paid out monthly as newly issued tokens rather than through a rising price. The holder base is closed: addresses are vetted by the transfer agent, transfers are possible only between approved participants, and subscription and redemption settle in dollars through banking rails rather than on-chain.

Institutions use it as interest-bearing collateral and as a way to hold a dollar position on-chain without stepping outside a regulated fund. Retail buyers cannot access it. Its wider significance is that a major manager agreed to keep the share register on a public network rather than only in its own books.

BUIDL cannot be bought on the open market: transfers are possible only between addresses vetted by the fund's operator.