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BUIDL is the BlackRock USD Institutional Digital Liquidity Fund, a tokenized money-market fund issued via Securitize as the transfer agent and tokenization platform. It holds short-term U.S. Treasuries, repos, and cash, and pays yield to qualified holders through periodic distributions.
BUIDL was a watershed product for tokenized real-world assets, bringing the largest traditional asset manager directly on-chain. Access is permissioned and limited to whitelisted investors, but the on-chain token is composable with other institutional DeFi venues that have integrated BUIDL as collateral or as a settlement asset.