What is BlackRock's BUIDL fund?

BlackRock BUIDL is a tokenized money-market-style fund launched on Ethereum on March 20, 2024. It was BlackRock's first fund issued on a public blockchain, and its shares are held and moved as tokens rather than only as entries on a traditional register. It is one of the best-known examples of tokenized treasuries, and this guide focuses on how BUIDL itself is built and used.

What does the BlackRock BUIDL fund hold?

According to BlackRock's launch release, the fund puts all of its assets into cash, US Treasury bills and repurchase agreements. It aims to keep a value of $1 per token, though BlackRock says it may not always manage that. Income accrues daily and is paid out each month as new tokens sent straight to holders' wallets.

So BUIDL behaves a bit like a stablecoin that earns interest, but legally it is a private investment fund, not a payment token. Its interests are offered under SEC Rule 506(c), are not registered with the SEC and are not listed on any exchange.

What is Securitize's role in BUIDL?

Securitize is the tokenization partner. It issues the tokens, keeps the on-chain record of who owns them as an SEC-registered transfer agent, and sells shares through its broker-dealer, Securitize Markets. BNY acts as custodian and fund administrator, and BlackRock Financial Management manages the money.

Only qualified investors can buy in, and the minimum first investment is $5 million. BlackRock says tokens can move peer to peer around the clock, every day of the year. That is a key difference from a traditional fund share, which settles only on business days through intermediaries.

Which blockchains is the BUIDL tokenized fund on?

BUIDL started on Ethereum. In November 2024 it added share classes on Aptos, Arbitrum, Avalanche, Optimism and Polygon, with annual management fees of 0.20% or 0.50% depending on the chain. A BNB Chain share class followed in November 2025. As of November 3, 2026, data site RWA.xyz listed nine networks, including Solana and Tempo, and showed about $2.08 billion in fund value across 102 holders. Those figures change daily.

How is the BlackRock tokenized treasury fund used in crypto?

Because each token is a claim on short-term government debt, crypto firms use BUIDL as a reserve and collateral asset. Ethena's USDtb stablecoin launched in December 2024 with plans for more than 90% of its reserves in BUIDL, as The Block reported. In November 2025, Binance began accepting BUIDL as off-exchange collateral for trading, through its banking and custody partners.

These uses link a regulated fund to crypto platforms, so holders depend on BlackRock, Securitize, BNY and the chosen blockchain all working as intended. For the wider category, see what are real-world assets in crypto and what is Ethena USDe.