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
$2b
Net APY
1.21%
Active Users
59
Type
Vault
Network
Ethereum
CCC+
High RiskCeiling A-
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. 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.
SCSSmart Contract Security68
KMPKey Management Permissions27
MMarket100
LLiquidity89
CCollateral100
PMProtocol Mechanics100
ICEInfra Counterparty Exposures67
PCEProtocol Counterparty Exposures100
GGovernance33
FRFinancial Resilience100
TLCTeam Legal Compliance100
DTDocumentation Transparency78
Performance
Assets Under Management · 30D▼ 5.88%
$2b
Over the last 30 days, the total value of BlackRock BUIDL has dropped 5.88% with $148.82M in outflows.
Net APY · 30D▼ 14.89%
1.21%
Over the last 30 days, the APY has decreased from 1.43% to 1.21%.
Active Users · 30D▲ 3.51%
59
Over the last 30 days, active users have increased by 3.51%, reaching 59 wallets.
Market Details
ChainEthereum
TreasuryNot reported
Code AuditsHalborn ↗CoinFabrik ↗
Stated Withdrawal TimeInstant
Infrastructure ProviderSecuritize
Component Ratings
Contract Addresses
Smart Contract0x7712...aA2AEc
BUIDL-IToken0x6a9D...C89041
DSTokenImplementation0x603B...fb83b2
Key Strengths
S1100% US Treasury-backed with organic yield from government securities and zero incentive dependency
S2Managed by BlackRock with BNY Mellon custody, PwC audit, and SEC regulatory oversight providing exceptional institutional credibility
S3Proven stress resilience with orderly processing of large outflows while maintaining stable NAV and nearly two years of flawless operation
S4Institutional-grade infrastructure including Fireblocks MPC wallet security, on-chain NAV feed from BNY Mellon, and Circle USDC instant redemption facility
Key Risks
R1Single owner address can upgrade proxy implementation, mint/burn tokens, and pause/block transfers without on-chain multisig or timelock (Deal Breaker)
R2No on-chain timelock for proxy upgrades allowing immediate execution without advance notice to token holders
R3100% of underlying assets held off-chain at BNY Mellon with token holders receiving fund shares rather than direct asset claims
R4Cross-chain deployments rely on Wormhole which experienced a $320M exploit in 2022
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