BlackRock’s BUIDL Tops $100 Million in Dividends as Tokenized Fund Assets Exceed $2 Billion

BlackRock’s tokenized money market fund BUIDL has paid out about $100 million in dividends since its launch in March 2024, according to Securitize, which acts as the fund’s transfer agent and administrator. Over the same period, the fund’s assets have climbed past $2 billion, placing it among the largest tokenized cash products currently available.

BUIDL invests in short-dated U.S. Treasuries, repurchase agreements, and cash equivalents, offering investors exposure similar to a traditional money market fund. Unlike stablecoins, however, BUIDL is structured as a regulated, yield-generating vehicle, with fund shares represented by blockchain-based tokens rather than deposits or synthetic dollar instruments.

The fund initially launched on Ethereum, but has since expanded to multiple public blockchains as demand grows for onchain products that deliver predictable dollar yields. This multi-chain approach reflects broader institutional interest in using blockchain infrastructure for settlement, custody, and income distribution rather than speculative trading alone.

The $100 million dividend milestone is increasingly seen as proof that blockchain-based finance can operate at institutional scale, not just as a proof of concept. Tokenized money market funds like BUIDL are gaining traction as a compliant alternative to stablecoins, particularly for institutions seeking transparent yield tied directly to underlying assets rather than issuer balance sheets.

Beyond passive income, BUIDL has become embedded in the wider crypto-financial ecosystem. Its tokens are being used as collateral in trading and financing arrangements and as backing for other digital dollar products, including Ethena’s USDtb. This dual role—both yield instrument and onchain collateral—positions BUIDL at the crossroads of traditional fixed-income markets and decentralized financial infrastructure.

The rapid growth of tokenized cash products has also drawn regulatory attention. Policymakers have flagged concerns around settlement finality, liquidity assumptions, and behavior during market stress, particularly as tokenized securities become more interconnected with broader crypto markets. Still, proponents argue that regulated structures like BUIDL offer clearer safeguards than unregulated alternatives.

As global asset managers experiment with tokenization, BUIDL’s scale and payouts highlight a shift in how institutions may access short-term yield in the future. By combining familiar money market mechanics with blockchain-based settlement and programmability, BlackRock’s fund illustrates how traditional finance is gradually moving onchain—one dividend payment at a time.