RWA / YIELD INTELLIGENCE
BUIDL BlackRock USD Institutional Digital Liquidity Fund
Tokenized institutional money market fund share; 1 BUIDL token represents $1.00 NAV, with income from Treasuries, repo, and cash.
Where does the yield come from?
Trace who economically pays. Reported APY is not a guaranteed return.
- Fund holds Treasuries, repo, and cash
- Portfolio generates daily money-market income
- BNY Mellon administers fund accounting and custody
- Accrued income distributed as additional tokens
- Securitize updates the official ownership ledger
- NAV held stable at $1.00 per share
Income paid via token count, not price appreciation
- Primary source
- Money-market income
- Secondary source
- Treasury interest
- Who pays economically
- Underlying U.S. Treasuries, repurchase agreements, and cash held by the fund.
- Variable / fixed
- Variable
- Gross / net
- Unresolved
- Dated yield snapshot
- Unknown
Money market income accrues daily and is generally distributed as new tokens to maintain a stable $1.00 NAV per BUIDL share.
How yield is distributed
- Mechanism
- Token distribution
- Notes
- Daily accrued income generally distributed as additional BUIDL tokens to maintain a stable $1.00 NAV, rather than price appreciation.
What does the token represent?
Token ownership is not automatically direct ownership of the underlying assets.
- Legal claim type
- Fund share
- Domicile
- British Virgin Islands
Share in BlackRock USD Institutional Digital Liquidity Fund Ltd., a BVI fund offered under Regulation D to Qualified Purchasers under Section 3(c)(7).
Issuers, managers & service parties
- Legal issuerBlackRock USD Institutional Digital Liquidity Fund Ltd.
British Virgin Islands — BVI fund issuing BUIDL shares.
- Investment managerBlackRock Financial Management, Inc.
US — Investment manager of the fund.
- CustodianBNY Mellon
US — Custodian and fund administrator.
- Transfer agentSecuritize, Inc.
US — Transfer agent maintaining the official ownership record for tokenized shares.
What sits underneath?
Underlying assets and strategies from primary evidence only.
U.S. Treasury bills, overnight/term repurchase agreements, and cash.
- US Treasury bills
- Repurchase agreements
- Cash
Exact current allocation percentages not structured as a dated snapshot this pass.
What happens when things go wrong?
Structural loss path — not a risk score. Unknown protections stay Unknown.
- Who takes the loss first
- UNKNOWN — fund-level loss allocation mechanics beyond standard money-market fund risk not itemized this pass.
- Documented protections
- Diversified short-duration Treasury/repo/cash portfolio typical of institutional money market funds; specific credit protections not itemized this pass.
- Investor exposure
- Shareholders bear standard money market fund NAV risk; not FDIC insured; the fund is not guaranteed.
How do I get my money back?
Primary redemption ≠ secondary DEX liquidity. Eligibility is scoped.
- Eligible investors
- Qualified Purchasers under Section 3(c)(7); offered via Regulation D — not a public retail offering.
- Primary redemption
- Redemption through the fund's transfer agent / distribution process for eligible investors.
- Timing
- UNKNOWN
- Settlement asset
- UNKNOWN
- Minimum
- UNKNOWN
- Restrictions
- Qualified Purchaser / accredited eligibility gating; allowlisted holders only.
- Secondary liquidity
- Secondary transfers restricted to allowlisted/eligible holders; not open public trading.
Who holds the underlying assets?
Separate asset custody, cash custody, crypto custody, and token control.
- Asset custody
- BNY Mellon as custodian.
- Cash custody
- BNY Mellon.
- Crypto custody
- Tokenized shares recorded via Securitize as transfer agent across supported chains.
See tokenControl block.
Fees
Gross yield and net yield are not the same. Not ranked by APY.
- Management feeUNKNOWN
- Administration / transfer agent feeUNKNOWN
Regulation
Authorization is entity × jurisdiction × instrument scoped — not a brand label.
Shares are offered under Regulation D to Qualified Purchasers under Section 3(c)(7) of the Investment Company Act; not a registered public fund offering.
- Entity
- BlackRock USD Institutional Digital Liquidity Fund Ltd.
- Jurisdiction
- British Virgin Islands (fund) / US (manager, Reg D offering)
- Instrument
- Reg D 3(c)(7) private fund share
- Authorization / registration
- UNKNOWN — no public SEC fund registration located this pass
Audit / assurance
Smart-contract audits are not fund audits or loan audits. No combined “audited” badge.
No structured assurance rows in this pack.
Smart-contract / token controls
Operational controls — not a decentralization score.
- Mint
- Securitize-administered issuance to allowlisted holders.
- Burn
- UNKNOWN
- Pause
- UNKNOWN
- Freeze / blacklist
- Allowlist-gated transfers imply restriction capability; specific freeze mechanics UNKNOWN.
- Upgrade
- UNKNOWN
- Allowlist
- Securitize-managed allowlist restricting holders to eligible/KYC'd Qualified Purchasers.
Tokenization layer
- Chains
- Unknown
- Official ownership record
- Securitize, Inc., as transfer agent, maintains the official ownership record (blockchain-integrated) for BUIDL.
- Transfer restrictions
- Restricted to allowlisted, eligible (Qualified Purchaser) holders.
Specific chain list not itemized this pass (UNKNOWN); no primary source URL captured for this record.
Research dimensions
Who can hold BUIDL?
Qualified Purchasers via a Regulation D offering, allowlisted through Securitize — not a public retail token.
How does BUIDL pay yield?
Daily accrued income is generally distributed as additional tokens, keeping NAV stable at $1.00 per share.
What holds BUIDL's underlying assets?
Treasuries, repo, and cash, custodied and administered by BNY Mellon; BlackRock Financial Management is the investment manager.
What must keep working?
Material dependencies only. Count is not a risk score.
- Legal issuerBlackRock USD Institutional Digital Liquidity Fund Ltd.Fund share issuance
- Investment managerBlackRock Financial ManagementPortfolio management
- CustodianBNY MellonCustody / administration
- Transfer agentSecuritize, Inc.Official ownership record / allowlist
- AssetUS Treasuries / repo / cashYield-bearing collateral
Evidence domains
- Entity / issuerVerified structured
BlackRock, BNY Mellon, Securitize named
- Legal claimVerified structured
Reg D 3(c)(7) fund share
- Yield sourceVerified structured
Money market income
- Yield waterfallVerified structured
- Loss waterfallResearched unresolved
Standard MMF risk, detail unresolved
- Underlying assetsVerified structured
Treasuries / repo / cash
- Distribution mechanismVerified structured
Token distribution keeps $1 NAV
- RedemptionVerified structured
QP / allowlist gating
- FeesResearched unresolved
- CustodyVerified structured
BNY Mellon
- RegulationVerified structured
Reg D 3(c)(7)
- Assurance / auditNot researched
No assurance report identified this pass
- Token controlVerified structured
Securitize allowlist
- Tokenization / chainVerified structured
Securitize transfer agent record
- DependenciesVerified structured
- Geographic / eligibility restrictionsVerified structured
Qualified Purchaser only
Open gaps
- No primary source URL captured for this record this pass
- Current allocation % as a dated snapshot
- Chain enumeration
- Fee schedule
Primary sources
No primary sources listed.
RWA / Yield Asset Intelligence. No RWA score. No APY ranking. Unresolved states remain unresolved.