BlackRock’s tokenized money market fund, BUIDL, has distributed about $100 million in dividends since launching in March 2024, marking a significant milestone for onchain finance at institutional scale. The figures were confirmed by Securitize, the tokenization firm serving as the fund’s transfer agent and administrator.
The fund invests in short-term U.S. Treasuries, repurchase agreements and cash-equivalent instruments and has grown to more than $2 billion in assets, making it one of the largest tokenized cash products in the market. BUIDL is the first tokenized Treasury-backed fund to cross $100 million in cumulative dividend payouts.
Unlike stablecoins, BUIDL is structured as a regulated money market-style vehicle, with fund shares issued as blockchain tokens that settle on public networks. This design allows qualified institutional investors to hold the asset onchain and receive yield directly from the underlying portfolio. Initially launched on Ethereum, the fund has since expanded across multiple blockchains as demand for onchain dollar yield products has increased.
BUIDL’s role has expanded beyond yield generation. Its tokens are now used across crypto market infrastructure, including as collateral in trading and financing arrangements and as backing for stablecoins such as Ethena’s USDtb, reflecting deeper integration between traditional financial instruments and blockchain-native systems.
Tokenized money market funds have grown rapidly over the past year as institutions seek regulated, yield-bearing alternatives to stablecoins. However, regulators and policymakers have flagged concerns around settlement finality, liquidity assumptions and the behavior of tokenized securities during periods of market stress.
BUIDL’s adoption underscores its position at the intersection of traditional short-term rates markets and the broader effort to move collateral, settlement and yield strategies onchain.
