BUIDL, BlackRock’s tokenized money market fund, has distributed around $100 million in dividends since its launch in March 2024, according to tokenization firm Securitize, which acts as transfer agent and administrator for the product.
The fund, which invests in short-term US Treasuries, repurchase agreements and cash equivalents, has surpassed $2 billion in value, making it one of the largest tokenized cash products on the market.
Unlike stablecoins, BUIDL is structured as a regulated money market-style vehicle whose shares are represented by tokens that are settled on public blockchains. BUIDL was originally launched on Ethereum, but has expanded to multiple networks as demand for on-chain dollar yield products grows.
The $100 million in payments from BlackRock’s BUIDL fund serves as proof that blockchain-based finance is being delivered on an institutional scale. The milestone comes as tokenized money market funds gain traction as a regulated alternative to stablecoins for institutions seeking yield-generating dollar exposure.
The category has grown rapidly over the past year, although regulators and policymakers have flagged risks around settlement finality, liquidity assumptions, and the behavior of tokenized securities during stress events.
BUIDL’s structure allows qualified institutional investors to hold fund shares as blockchain tokens, with returns accumulated from the underlying portfolio and paid to investors on-chain.
The product has also found uses beyond passive performance. BUIDL tokens have been integrated into cryptocurrency market pipelines, including as backing for stablecoins like Ethena’s USDtb and as collateral in trading and financial agreements.
That positioning has helped BUIDL sit at the intersection of traditional short-term rate markets and the growing push to move collateral, settlement and yield strategies on-chain.
