BlackRock USD Institutional Digital Liquidity Fund (BUIDL)USD

BlackRock USD Institutional Digital Liquidity Fund is a tokenized money market fund that gives qualified institutional investors on-chain exposure to U.S. dollar yield from short-duration U.S. government assets, including Treasury bills, repurchase agreements, and cash. BlackRock created the fund with Securitize, which handles tokenization and transfer-agent functions, and launched it in March 2024. The fund went live on the Ethereum network on March 20, 2024, and has since expanded to other blockchain networks through separate share classes. The fund uses a permissioned ERC-20 security token to represent fund shares on public blockchains, with access restricted to qualified investors who pass required checks. The token trades under the ticker BUIDL and represents a proportional share in the fund, entitling holders to the fund's value and accrued yield. It has no staking or governance function. Token supply is uncapped, with circulating supply at approximately 1.8 billion BUIDL as of early 2026, reflecting the fund's open-ended structure where shares are issued and redeemed based on investor demand. Institutions use BUIDL primarily for cash management and treasury-style yield generation through a regulated, blockchain-native structure.