BlackRock

BlackRock BUIDL

BlackRock BUIDL is a tokenized money market fund on Ethereum representing shares in a US Treasury-backed portfolio managed by BlackRock and custodied by BNY Mellon. Yield is generated from US Treasury bill interest, repurchase agreements, and cash holdings.

AUM

$2.01b+0.3%

APY

0.00%-100%

CCC+Rated Protocol

Updated Mar 11, 2026

Risk Rating

CCC+

AAAAAABBBBBBCCCCCCD

This rating is based solely on publicly available information. The range from CCC+ to A- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

Challenge this rating

Contract Addresses

TokenContract

0x7712...2AEc

BUIDL-IToken

0x6a9D...9041

DSTokenImplementation

0x603B...83b2

Key Strengths

100% US Treasury-backed with organic yield from government securities and zero incentive dependency
Managed by BlackRock with BNY Mellon custody, PwC audit, and SEC regulatory oversight providing exceptional institutional credibility
Proven stress resilience with orderly processing of large outflows while maintaining stable NAV and nearly two years of flawless operation
Institutional-grade infrastructure including Fireblocks MPC wallet security, on-chain NAV feed from BNY Mellon, and Circle USDC instant redemption facility
Audited DS Protocol with all critical findings remediated across multiple independent audit engagements

Key Risks

Single owner address can upgrade proxy implementation, mint/burn tokens, and pause/block transfers without on-chain multisig or timelock (Deal Breaker)
No on-chain timelock for proxy upgrades allowing immediate execution without advance notice to token holders
100% of underlying assets held off-chain at BNY Mellon with token holders receiving fund shares rather than direct asset claims
Cross-chain deployments rely on Wormhole which experienced a $320M exploit in 2022
Securitize as sole transfer agent creates a single point of failure for all token operations