BlackRock USD Institutional Digital Liquidity Fund

BlackRock USD Institutional Digital Liquidity Fund, represented on-chain by the BUIDL token, is a tokenized money-market fund designed to give institutional investors a blockchain-native way to hold a dollar-denominated, short-duration liquid asset. It addresses the friction of moving cash between traditional financial infrastructure and on-chain environments by keeping the token pegged one-to-one with the US dollar. The product is aimed at institutions that need to park liquidity on-chain without taking on cryptocurrency price risk.

Each BUIDL token represents one US dollar of ownership in the underlying fund, which is managed off-chain by BlackRock and holds assets such as cash, US Treasury bills, and repurchase agreements. The token exists across multiple blockchains simultaneously — including Ethereum, Solana, Avalanche, Polygon, Arbitrum, Optimism, and BNB Chain — allowing holders to transfer or settle fund shares on-chain. Because the fund structure and custody sit in traditional finance, there is no on-chain consensus algorithm governing the asset itself; the blockchains serve as settlement and transfer rails rather than as the source of the fund's value.

The data stored for this asset does not record a protocol fee stream, on-chain revenue, or fee-distribution mechanism; as a tokenized fund, any management fees would be charged at the fund level under traditional financial agreements rather than captured on-chain. Consequently, fee-based metrics that this site normally reports are not applicable here. The circulating supply stands at approximately 2,160,841,867.83 dollars on a point-in-time basis for the stablecoin-equivalent measure, with the broader circulating supply figure at roughly 2,177,966,774 tokens, and fully diluted value equals market capitalisation exactly, reflecting zero dilution overhang.