BlackRock’s tokenized money market fund BUIDL has distributed about $100 million in dividends since launching in March 2024, according to tokenization firm Securitize, which acts as the product’s transfer agent and administrator.
The fund, which invests in short-dated US Treasuries, repurchase agreements and cash, has grown to over $2 billion in value, making it one of the largest tokenized cash products on the market.
Unlike stablecoins, BUIDL is structured as a regulated money market-like vehicle whose shares are represented by tokens that settle on public blockchains. BUIDL was originally launched on Ethereum, but has expanded across multiple networks as demand for onchain dollar dividend products grows.
The $100 million in payouts from BlackRock’s BUIDL fund serves as proof of blockchain-based financing delivering at institutional scale. The milestone comes as tokenized money market funds gain traction as a regulated alternative to stablecoins for institutions looking for yield-bearing dollar exposure.
The category has grown rapidly over the past year, even as regulators and policymakers have flagged risks around final settlement, liquidity assumptions and how tokenized securities behave during stress events.
BUIDL’s structure allows qualified institutional investors to hold fund shares as blockchain tokens, with returns coming from the underlying portfolio and paid out to investors onchain.
The product has also found use in addition to passive income. BUIDL tokens have been integrated into crypto market plumbing, including as backing for stablecoins such as Athena’s USDtb and as collateral in trading and financing arrangements.
This positioning has helped BUIDL sit at the intersection of traditional short interest markets and the growing push to move collateral, settlement and return strategies on the chain.
