BlackRock’s tokenized money-market fund, BUIDL, has surpassed $100 million in cumulative on-chain dividends since its March 2024 launch, according to Securitize. BUIDL invests in dollar-denominated short-term safe assets such as U.S. Treasuries, repos, and cash equivalents, with institutional investors buying BUIDL tokens pegged to the dollar and receiving the asset-generated yield as on-chain dividends. Since launching on Ethereum, BUIDL has expanded to six major blockchains, including Solana, Aptos, Avalanche, and Optimism, enabling similar yield and liquidity structures within blockchain-native environments.
Industry observers say the $100 million dividend milestone is meaningful as a long-run accumulation based on Treasury yields, signaling that tokenized securities have progressed beyond pilots into ongoing use. Analysts note that tokenized money market funds offer comparable yields to traditional MMFs, alongside fast blockchain settlement, transparent ownership, and programmable dividend structures, drawing institutional interest.
BUIDL’s success has positioned tokenized money market funds as one of the fastest-growing segments in the on-chain real-world assets market, with total assets under management reportedly exceeding $20 billion. Industry watchers say the BUIDL case demonstrates that tokenized real-world assets can function as real-world financial infrastructure rather than mere theory. Regulators have also issued warnings; BIS cautioned that widespread use of tokenized MMF as collateral in digital asset markets could intensify operational and liquidity risks.
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