BlackRock USD Institutional Digital Liquidity Fund

BUIDL allows qualified investors to access regulated US dollar-denominated yield directly on-chain. It serves multiple institutional use cases including:

• Digital treasury management
• On-chain collateral for trading or lending
• Backing reserves for stablecoins
• Integration with decentralised finance (DeFi) protocols

The token facilitates peer-to-peer transfers 24/7, subject to whitelist restrictions, and allows daily subscriptions and redemptions. Dividends are calculated daily and distributed monthly through a rebase mechanism, which automatically adjusts token balances to reflect accrued yield.

Redemptions can also be executed via Circle in USDC, providing near-instant liquidity. This enables interoperability with broader digital finance infrastructure while maintaining exposure to low-risk, short-duration government debt instruments.

To support these applications across various blockchain environments, BUIDL is deployed not only on Ethereum but also on Aptos, Arbitrum, Avalanche, Optimism, Polygon, and Solana. Cross-chain interoperability is facilitated by the Wormhole protocol.

BUIDL was created by BlackRock, with the fund legally represented by BlackRock USD Institutional Digital Liquidity Fund Ltd. The initiative was developed in partnership with Securitize, which provides the tokenisation infrastructure and compliance management.

BlackRock Financial Management, Inc. acts as the investment manager for the fund. The Bank of New York Mellon serves as both the fund administrator and asset custodian. Auditing is conducted by PricewaterhouseCoopers LLP.

The fund also integrates with infrastructure providers such as Coinbase, Anchorage Digital, Fireblocks, and BitGo, which support custody and operational access for institutional participants. Joseph Chalom, Head of Strategic Ecosystem Partnerships at BlackRock, sits on Securitize’s board, and Robert Mitchnick, Head of Digital Assets at BlackRock, played a leading role in the product’s development.