BlackRock’s BUIDL hit two clear milestones in 2025: its transfer agent and administrator reported $100 million in cumulative dividends and more than $2 billion in assets under management. Those numbers show that tokenized money market exposure is moving from a concept into institutional-scale execution, with on-chain yield vehicles gaining real adoption.
BUIDL, formally the BlackRock USD Institutional Digital Liquidity Fund, launched in March 2024 as a regulated tokenized money market fund holding short-dated U.S. Treasuries, repurchase agreements, and cash equivalents. Qualified institutional investors can hold fund shares as blockchain tokens while portfolio yield accrues and is paid directly on-chain.
BlackRock’s BUIDL becomes the first tokenized Treasury to pay out $100M in lifetime dividends.
Securitize on top. pic.twitter.com/9uq2Bt6aCC
— Securitize (@Securitize) December 29, 2025
How BUIDL Fits Into On-Chain Liquidity Plumbing
BUIDL is already embedded in crypto-native infrastructure, including use as backing for stablecoins such as Ethena’s USDtb and as collateral in trading and financing arrangements. By supporting 24/7 access and more immediate settlement mechanics than traditional fund rails, BUIDL positions tokenized cash as usable liquidity rather than a static wrapper.
The broader tokenized cash market has expanded sharply alongside this adoption curve, climbing from under $200 million in early 2024 to over $7 billion by late 2025. That growth reinforces the direction of travel: institutions are increasingly treating blockchain-based short-term liquidity as a practical tool for yield and settlement efficiency.
Why the Regulatory Wrapper Matters
BUIDL’s money market-style structure is being used as a compliance-forward template that aligns token mechanics with existing oversight expectations, especially around settlement finality and liquidity assumptions for tokenized securities. Within tokenized Treasury offerings, the fund became a major reference point by capturing 34% of a $10 billion real-world asset sector by April 2025, and BlackRock leadership has framed tokenization as “the next generation for markets.”
Taken together, the dividend and AUM milestones function as a proof point for regulated tokenized RWAs scaling in production conditions. BUIDL’s $100 million in cumulative dividends and $2 billion-plus AUM signal that institutional liquidity can move on-chain at scale when the product design matches both operational needs and compliance requirements.