About

The BlackRock USD Institutional Digital Liquidity Fund, also referred to as BUIDL, is an investment vehicle launched by BlackRock. This fund aims to provide institutional investors with a way to access liquidity and yield in U.S. dollars through blockchain technology.

History

BlackRock launched in March 2024 in partnership with Securitize and was incorporated in the British Virgin Islands. It is the first tokenized BlackRock money market fund, primarily on Ethereum, but also issued on chains including Aptos, Avalanche, Polygon, Optimism, Arbitrum, and Solana.

In April 2024, Circle has introduced smart contract functionality that acts as an off-ramp for BlackRock USD Institutional Digital Liquidity Fund (BUIDL) holders.

In October 2024, the Ethena Reserve Fund approved allocation to BUIDL among a list of 5 instruments.

In June 2025, Ethena Labs and Securitize have announced the launch of a liquidity smart contract to enable atomic swaps between BlackRock's BUIDL and USDtb.