BlackRock’s tokenized money market fund, BUIDL, has distributed roughly $100 million in dividends since its launch in March 2024, underscoring the ability of blockchain-based finance to operate at institutional scale. The figure was confirmed by Securitize, the tokenization firm that acts as the fund’s transfer agent and administrator.
BUIDL invests in short-dated U.S. Treasuries, repurchase agreements and cash equivalents, and has grown to more than $2 billion in assets, making it one of the largest tokenized cash products currently on the market. The milestone positions BUIDL as the first tokenized Treasury-style fund to surpass $100 million in lifetime dividend payouts.
Unlike stablecoins, BUIDL is structured as a regulated money market-style vehicle. Fund shares are represented by blockchain-based tokens that settle on public networks, allowing qualified institutional investors to hold and receive yield onchain. While the product initially launched on Ethereum, it has since expanded to multiple blockchains as demand for onchain dollar yield continues to rise.
Beyond passive income, BUIDL has become embedded in crypto market infrastructure. Its tokens are used as collateral in trading and financing arrangements and have been integrated as backing for stablecoins such as Ethena’s USDtb, highlighting the fund’s role in bridging traditional finance with blockchain-native applications.
Tokenized money market funds have seen rapid growth over the past year as institutions seek regulated, yield-bearing alternatives to stablecoins. However, regulators and policymakers continue to flag concerns around settlement finality, liquidity assumptions and the behavior of tokenized securities during periods of market stress.
BUIDL’s expansion places it at the intersection of traditional short-term rates markets and the broader push to move collateral, settlement and yield strategies onchain, reflecting the evolving role of tokenization in modern financial infrastructure.
