BlackRock USD Institutional Digital Liquidity Fund

BlackRock USD Institutional Digital Liquidity Fund (BUIDL) is an investment fund offered by the asset manager BlackRock together with the tokenization company Securitize; the BUIDL token represents a share in this fund. Although listed as a stablecoin in the catalogue, BUIDL is not a payment stablecoin but a fund share open to qualified investors. The fund was initially launched on Ethereum in 2024 and then expanded to networks such as Solana, Avalanche, Aptos, Arbitrum, Optimism, Polygon and BNB Chain.

The fund holds its assets in short-term instruments such as cash, US Treasury bills and repurchase agreements (repo), and aims to keep its value per token stable at one dollar. The fund's yield is distributed to investors periodically in the form of new BUIDL tokens. The tokens can be transferred only between addresses approved by the issuer; as a result, BUIDL does not change hands freely like a public cryptocurrency. Some crypto platforms have begun accepting BUIDL as collateral in institutional transactions.

The value of BUIDL depends less on market speculation than on the quality of the fund's assets, short-term dollar interest rates, the operational processes of the issuer and transfer agent, and regulations on tokenized securities. Lzzo.com publishes DefiLlama's US dollar reference data for this asset and a price chart built from the same source.