BlackRock BUIDL
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
$2.38b+1.42%
APY
0.47%
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.

SCSKMPMLCPMICEPCEGFRTLCDT
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.

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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

Market Overview

ChainEthereum
TreasuryNot reported
Code Audits
HalbornCoinFabrik
Stated Withdrawal TimeInstant
Infrastructure ProviderSecuritize

Security

CCC-
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Strategy

BBB
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Operations

B
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