BlackRock’s tokenized money market fund BUIDL reaches a significant milestone. According to data disclosed by the tokenization company Securitize, since its launch in March 2024, BUIDL has distributed approximately $100 million in dividends to investors, and the fund’s assets under management have surpassed $2 billion, making it one of the largest tokenized cash and treasury products in the market today.
BUIDL primarily invests in short-term U.S. Treasury securities, repurchase agreements, and cash equivalents, positioning itself as a regulated money market fund rather than a traditional stablecoin. The fund’s shares exist in the form of blockchain tokens, with settlement and yield distribution completed on a public blockchain. BUIDL was initially deployed on the Ethereum network, and as on-chain dollar yield demand increased, it gradually expanded to multiple blockchain ecosystems.
The $100 million in cumulative dividends is seen as an important signal of the successful on-chain integration of institutional-grade financial assets. Compared to stablecoins, tokenized money market funds offer institutional investors a compliant, transparent, and real-yield exposure to USD returns, becoming an important supplement to stablecoins.
Over the past year, tokenized treasury and cash products have grown rapidly, but regulators continue to monitor related risks, including on-chain settlement finality, liquidity assumptions, and stability under extreme market conditions. Despite this, BUIDL has become the first tokenized treasury fund to pay out a total of $100 million in dividends.
Currently, BUIDL’s applications are no longer limited to passive income. Its tokens have been integrated into the crypto financial system, serving as the underlying support asset for stablecoin USDtb, as well as being used in on-chain trading, financing, and collateral scenarios. This structure connects traditional short-term interest rate markets with the expanding on-chain financial infrastructure, and is seen as an important bridge for institutional capital entering tokenized finance.
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